<PAGE>
UNAUDITED PRO FORMA CONDENSED STATEMENT OF INCOME
FOR THE NINE MONTHS ENDED JUNE 30, 1994
(IN THOUSANDS, EXCEPT FOR PER SHARE AMOUNTS)
<TABLE>
<CAPTION>
PRO FORMA
ADJUSTMENTS
-----------
ENERGY
INDUSTRIES
HISTORICAL SALE AS ADJUSTED(2)
---------- ----------- --------------
<S> <C> <C> <C>
Revenues............................... $241,924 $(49,874) $192,050
-------- -------- --------
Expenses:
Operating............................. 209,215 (36,480) 172,735
Provisions for oil and gas property
valuation............................ 18,810 18,810
Depreciation, depletion and
amortization......................... 11,969 (3,600) 8,369
Selling, general and administrative... 14,531 (4,952) 9,579
-------- -------- --------
254,525 (45,032) 209,493
-------- -------- --------
Operating income (loss)................ (12,601) (4,842) (17,443)
-------- -------- --------
Operating income (expense):
Interest income....................... 1,628 (180) 1,448
Interest expense...................... (7,482) 2,729 (1) (4,753)
Gain on sales of Tidewater common
stock................................ 37,457 37,457
Other................................. (2,859) (2,859)
-------- -------- --------
28,744 2,549 31,293
-------- -------- --------
Income (loss) from continuing
operations before taxes.............. 16,143 (2,293) 13,850
Provision (benefit) for income taxes.. 6,117 (941) 5,176
-------- -------- --------
Income (loss) from continuing
operations........................... $ 10,026 $ (1,352) $ 8,674
======== ======== ========
Per common share income (loss) from
continuing operations................ 0.31 (0.04) 0.27
Common stock dividends declared, per
share................................ 0.04 -- 0.04
</TABLE>
- --------
(1) The pro forma adjustments include an allocation of interest expense on
general corporate debt of $2.7 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................................ $192,050 $(120,456) $ 71,594
Operating income (loss)................ (17,443) 696 (16,747)
Income (loss) from continuing
operations............................ 8,674 932 9,606
Per common share income (loss) from
continuing operations................. 0.27 0.03 0.30
</TABLE>
23