<PAGE>
UNAUDITED PRO FORMA CONDENSED STATEMENT OF INCOME
FOR THE FISCAL YEAR ENDED SEPTEMBER 30, 1994
(IN THOUSANDS, EXCEPT FOR PER SHARE AMOUNTS)
<TABLE>
<CAPTION>
PRO FORMA
PRO FORMA ADJUSTMENTS ADJUSTMENTS
------------------------------- -----------
MARINE DOMESTIC PRO FORMA TOTAL ENERGY
PROTEIN OIL & GAS CIMARRON BEFORE ENERGY INDUSTRIES PRO FORMA
HISTORICAL RETAINED(1) SALE(2) SALE(3) INDUSTRIES SALE SALE(5) TOTAL
---------- ----------- --------- --------- --------------- ----------- ---------
<S> <C> <C> <C> <C> <C> <C> <C>
Revenues................ $241,212 $96,614 $(8,432) $(156,141) $173,253 $(72,522) $100,731
-------- ------- ------- --------- -------- -------- --------
Expenses:
Operating.............. 212,450 81,880 (5,750) (153,414) 135,166 (52,768) 82,398
Provision for oil and
gas property
valuation............. 29,152 (29,152)
Depreciation, depletion
and amortization...... 13,661 4,535 (4,563) (1,855) 11,778 (4,867) 6,911
Selling, general and
administrative........ 16,094 4,754 (796) (1,935) 18,117 (6,917) 11,200
-------- ------- ------- --------- -------- -------- --------
271,357 91,169 (40,261) (157,204) 165,061 (64,552) 100,509
-------- ------- ------- --------- -------- -------- --------
Operating income (loss). (30,145) 5,445 31,829 1,063 8,192 (7,970) 222
-------- ------- ------- --------- -------- -------- --------
Other income (expense):
Interest income........ 2,043 (121) 1,922 (269) 1,653
Interest expense....... (6,138) (3,218) 1,327 (4) (8,029) 3,393 (4) (4,636)
Gain on sales of
Tidewater common
stock................. 37,457 37,457 37,457
Other.................. (4,406) 114 (4) (4,296) (4,296)
-------- ------- ------- --------- -------- -------- --------
28,956 (3,104) 1,202 27,054 3,124 30,178
-------- ------- ------- --------- -------- -------- --------
Income (loss) from
continuing operations
before taxes........... (1,189) 2,341 31,829 2,265 35,246 (4,846) 30,400
Provision (benefit) for
income taxes........... (494) 1,068 11,140 793 12,507 (2,049) 10,458
-------- ------- ------- --------- -------- -------- --------
Income (loss) from
continuing operations.. $ (695) $ 1,273 $20,689 $ 1,472 $ 22,739 $ (2,797) $ 19,942
======== ======= ======= ========= ======== ======== ========
Per common share income
(loss) from continuing
operations............. (0.04) 0.05 0.65 0.05 0.71 (0.09) 0.62
Common stock dividends
declared, per share.... 0.07 -- -- -- 0.07 -- 0.07
</TABLE>
The following notes set forth the explanations and assumptions used in
preparing the unaudited pro forma condensed statement of income for the fiscal
year ended September 30, 1994 (amounts in thousands).
(1) The historical income statement has been adjusted to reflect the Company's
marine protein operations as a continued operation as a result of the
Company's decision to retain these operations. The Company's Form 10-K for
the fiscal year ended September 30, 1994 reflected the marine protein
operation as a discontinued operation.
(2) In August 1995, the Company completed the sale of its remaining U.S.
offshore oil and gas properties. The Company received cash, a production
payment entitling the Company to a share of future revenues derived from
the properties and other contract consideration. No gain or loss was
recognized from the sale.
(3) 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 financial results would be restated to reflect
Cimarron as a discontinued operation.
(4) The pro forma adjustments include allocations of interest expense on
general corporate debt of $3.4 million to Energy Industries and $932,000 to
Cimarron.
(5) The Company's consolidated financial results for its fiscal year ended
September 30, 1994 include only eleven months of Energy Industries'
operations because the Company acquired Energy Industries in November 1993.
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