<PAGE>
NOTES TO CONSOLIDATED FINANCIAL STATEMENTS--(CONTINUED)
NOTE 15. OIL AND GAS OPERATIONS (UNAUDITED)--(CONTINUED)
<TABLE>
<CAPTION>
UNITED
STATES BOLIVIA TOTAL
-------- ------- --------
(IN THOUSANDS)
<S> <C> <C> <C>
1992
Estimated future cash flows Revenues from
hydrocarbon sales................................. $106,284 $106,284
Production costs................................. 27,059 27,059
Development costs................................ 8,860 8,860
-------- --- --------
Future net cash flows before income taxes.......... 70,365 70,365
Estimated income tax payments...................... 12,545 12,545
-------- --- --------
Future net cash flows.............................. 57,820 57,820
10% discount....................................... 10,818 10,818
-------- --- --------
Standardized measure of discounted future net cash
flows............................................. $ 47,002 $ 47,002
======== === ========
</TABLE>
CHANGES IN STANDARDIZED MEASURE OF DISCOUNTED FUTURE
NET CASH FLOWS RELATING TO PROVED RESERVES
<TABLE>
<CAPTION>
1994 1993 1992
------- ------- -------
(IN THOUSANDS)
<S> <C> <C> <C>
Standardized measure, beginning of year--U.S........ $37,902 $47,002 $58,780
Standardized measure, beginning of year--Bolivia.... 10,312
Change in sales prices, net of production costs... (24,990) 8,163 (3,038)
Costs incurred or transferred into the
amortization pool during the period that reduced
estimated future development costs............... 4,975 2,188
Changes in estimated future development and
abandonment costs................................ (4,638) (4,679) (660)
Sales, net of production costs.................... (6,281) (11,369) (12,107)
Revisions of quantity estimates................... 3,243 (1,800) (4,260)
Purchase of reserves in-place..................... 1,098
Accretion of discount............................. 4,283 5,397 7,004
Net change in income taxes........................ (149) 2,048 4,291
Changes in production rates and other............. 588 (7,958) (5,196)
------- ------- -------
Standardized measure, end of year................... $25,245 $37,902 $47,002
======= ======= =======
</TABLE>
NOTE 16. INDUSTRY SEGMENT AND GEOGRAPHIC INFORMATION (UNAUDITED)
Zapata's continuing businesses are comprised of four industry segments
operating in the U.S. and one foreign country. The marine protein segment is
engaged in menhaden fishing for the production of fish meal and fish oil in the
U.S. The natural gas compression segment rents, fabricates, sells, installs and
services natural gas compressor packages. The natural gas gathering, processing
and marketing segment gathers and processes natural gas and its constituent
products, and markets and trades in natural gas liquids in the U.S. The oil and
gas segment is engaged in the production of crude oil and natural gas in the
U.S. and Bolivia. Export sales of fish oil and fish meal were approximately
$25.8 million, $12.8 million and $16.2 million in 1994, 1993 and 1992,
respectively. Such sales were made primarily to European markets. In 1992 net
sales to one customer by the marine protein segment were approximately $12.4
million. Export sales of compressors and related equipment in 1994 totalled
$9.9 million. Such sales were made primarily to Canadian markets.
40
