<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 PRO FORMA TOTAL ENERGY
OIL & GAS CIMARRON BEFORE ENERGY INDUSTRIES PRO FORMA
HISTORICAL SALES(1) SALE(2) INDUSTRIES SALE SALE TOTAL
---------- --------- -------- --------------- ----------- ---------
<S> <C> <C> <C> <C> <C> <C>
Revenues................ $179,708 $(5,390) $(57,829) $116,489 $(53,086) $63,403
-------- ------- -------- -------- -------- -------
Expenses:
Operating.............. 152,823 (3,156) (56,211) 93,456 (40,221) 53,235
Provision for asset
write-down............ 12,607 12,607 12,607
Depreciation, depletion
and amortization...... 10,775 (2,663) (1,475) 6,637 (4,322) 2,315
Selling, general and
administrative........ 10,204 (254) (625) 9,325 (3,742) 5,583
-------- ------- -------- -------- -------- -------
186,409 (6,073) (58,311) 122,025 (48,285) 73,740
-------- ------- -------- -------- -------- -------
Operating income (loss). (6,701) 683 482 (5,536) (4,801) (10,337)
-------- ------- -------- -------- -------- -------
Other income (expense):
Interest income........ 1,055 (84) 971 (215) 756
Interest expense....... (4,872) 579 (3) (4,293) 2,423 (3) (1,870)
Gain on sales of
Tidewater common
stock................. 4,811 4,811 4,811
Other.................. 928 928 (474) 454
-------- ------- -------- -------- -------- -------
1,922 495 2,417 1,734 4,151
-------- ------- -------- -------- -------- -------
Income (loss) from
continuing operations
before taxes........... (4,779) 683 977 (3,119) (3,067) (6,186)
Provision (benefit) for
income taxes........... (1,316) 239 342 (735) (1,354) (2,089)
-------- ------- -------- -------- -------- -------
Income (loss) from
continuing operations.. $ (3,463) $ 444 $ 635 $ (2,384) $ (1,713) $(4,097)
======== ======= ======== ======== ======== =======
Per common share income
(loss) from continuing
operations............. (0.11) 0.01 0.02 (0.08) (0.06) (0.14)
Common stock dividends
declared, per share.... -- -- -- -- -- --
</TABLE>
The following notes set forth the explanations and assumptions used in
preparing the unaudited pro forma condensed statement of income for the nine
months ended June 30, 1995 (amounts in thousands).
(1) 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 considerations. No gain or loss was recognized
from the sale.
(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 financial results would be restated to reflect
Cimarron as a discontinued operation.
(3) The pro forma adjustments include allocations of interest expense on
general corporate debt of $1.2 million to Energy Industries and $370,000 to
Cimarron.
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