<PAGE>
UNAUDITED PRO FORMA CONDENSED STATEMENT OF INCOME
FOR THE NINE MONTHS ENDED JUNE 30, 1995
(IN THOUSANDS, EXCEPT FOR PER SHARE AMOUNTS)
<TABLE>
<CAPTION>
PRO FORMA PRO FORMA
ADJUSTMENTS ADJUSTMENTS
----------- -----------
DOMESTIC ENERGY
OIL & GAS ADJUSTED INDUSTRIES
HISTORICAL SALES HISTORICAL SALE AS ADJUSTED(2)
---------- ----------- ---------- ----------- --------------
<S> <C> <C> <C> <C> <C>
Revenues................ $179,708 $(5,390) $174,318 $(53,086) $121,232
-------- ------- -------- -------- --------
Expenses:
Operating.............. 152,823 (3,156) 149,667 (40,221) 109,446
Provisions for asset
write-down............ 12,607 12,607 12,607
Depreciation, depletion
and amortization...... 10,775 (2,663) 8,112 (4,322) 3,790
Selling, general and
administrative........ 10,204 (254) 9,950 (3,742) 6,208
-------- ------- -------- -------- --------
186,409 (6,073) 180,336 (48,285) 132,051
-------- ------- -------- -------- --------
Operating income (loss). (6,701) 683 (6,018) (4,801) (10,819)
-------- ------- -------- -------- --------
Other income (expense):
Interest income........ 1,055 1,055 (215) 840
Interest expense....... (4,872) (4,872) 2,423 (1) (2,449)
Gain on sales of
Tidewater common
stock................. 4,811 4,811 4,811
Other.................. 928 928 (474) 454
-------- ------- -------- -------- --------
1,922 1,922 1,734 3,656
-------- ------- -------- -------- --------
Income (loss) from
continuing operations
before taxes........... (4,779) 683 (4,096) (3,067) (7,163)
Provision (benefit) for
income taxes........... (1,316) 239 (1,077) (1,354) (2,431)
-------- ------- -------- -------- --------
Income (loss) from
continuing operations.. $ (3,463) $ 444 $ (3,019) $ (1,713) $ (4,732)
======== ======= ======== ======== ========
Per common share income
(loss) from continuing
operations............. (0.11) 0.01 (0.10) (0.06) (0.16)
Common stock dividends
declared, per share.... -- -- -- -- --
</TABLE>
- --------
(1) The pro forma adjustments include an allocation of interest expense on
general corporate debt of $1.2 million to Energy Industries.
(2) The Company has also announced its intention to sell Cimarron. Although the
stockholders are not being asked to approve such sale, should such sale
occur as intended, the pro forma financial results would be further
adjusted as follows:
<TABLE>
<CAPTION>
CIMARRON AS FURTHER
AS ADJUSTED SALE ADJUSTED
----------- -------- ----------
<S> <C> <C> <C>
Revenue................................. $121,232 $(57,829) $ 63,403
Operating income (loss)................. (10,819) 482 (10,337)
Income (loss) from continuing
operations............................. (4,732) 635 (4,097)
Per common share income (loss) from
continuing operations.................. (0.16) 0.02 (0.14)
</TABLE>
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