<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 PRO FORMA
ADJUSTMENTS ADJUSTMENTS
----------- -----------
PRO FORMA TOTAL ENERGY
CIMARRON BEFORE ENERGY INDUSTRIES PRO FORMA
HISTORICAL SALE(1) INDUSTRIES SALE SALE TOTAL
---------- ----------- --------------- ----------- ---------
<S> <C> <C> <C> <C> <C>
Revenues................ $241,924 $(120,456) $121,468 $(49,874) $71,594
-------- --------- -------- -------- -------
Expenses:
Operating.............. 209,215 (118,274) 90,941 (36,480) 54,461
Provisions for oil and
gas property
valuation............. 18,810 18,810 18,810
Depreciation, depletion
and amortization...... 11,969 (1,338) 10,631 (3,600) 7,031
Selling, general and
administrative........ 14,531 (1,540) 12,991 (4,952) 8,039
-------- --------- -------- -------- -------
254,525 (121,152) 133,373 (45,032) 88,341
-------- --------- -------- -------- -------
Operating income (loss). (12,601) 696 (11,905) (4,842) (16,747)
-------- --------- -------- -------- -------
Operating income
(expense):
Interest income........ 1,628 (84) 1,544 (180) 1,364
Interest expense....... (7,482) 826 (2) (6,656) 2,729 (2) (3,927)
Gain on sales of
Tidewater common
stock................. 37,457 37,457 37,457
Other.................. (2,859) (4) (2,863) (2,863)
-------- --------- -------- -------- -------
28,744 738 29,482 2,549 32,031
-------- --------- -------- -------- -------
Income (loss) from
continuing operations
before taxes.......... 16,143 1,434 17,577 (2,293) 15,284
Provision (benefit) for
income taxes.......... 6,117 502 6,619 (941) 5,678
-------- --------- -------- -------- -------
Income (loss) from
continuing operations. $ 10,026 $ 932 $ 10,958 $ (1,352) $ 9,606
======== ========= ======== ======== =======
Per common share income
(loss) from continuing
operations............ 0.31 0.03 0.34 (0.04) 0.30
Common stock dividends
declared, per share... 0.035 -- 0.035 -- 0.035
</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, 1994 (amounts in thousands).
(1) 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.
(2) The pro forma adjustments include allocations of interest expense on
general corporate debt of $2.7 million to Energy Industries and $517,000 to
Cimarron.
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