<PAGE>
 
                                                                      SCHEDULE I
                                                                     (continued)
 
                               ZAPATA CORPORATION
 
                             (PARENT COMPANY ONLY)
 
                       CONDENSED STATEMENT OF OPERATIONS
 

<TABLE>
<CAPTION>
                                                              SEPTEMBER 30,
                                                             -----------------
                                                              1995      1994
                                                             -------  --------
                                                              (IN THOUSANDS)
<S>                                                          <C>      <C>
Expenses:
  Depreciation.............................................. $   115  $  2,321
  General and administrative................................   1,693     4,127
                                                             -------  --------
                                                               1,808     6,448
                                                             -------  --------
Operating loss..............................................  (1,808)   (6,448)
                                                             -------  --------
Other income (expense):
  Interest income...........................................     468       841
  Interest expense..........................................  (1,586)   (3,949)
  Gain on sale of Tidewater common stock....................   4,811    37,457
  Equity in income (loss) of subsidiaries...................   1,967   (23,897)
  Other.....................................................   1,584    (4,429)
                                                             -------  --------
                                                               7,244     6,023
                                                             -------  --------
Income (loss) before income taxes...........................   5,436      (425)
Provision (benefit) for income taxes........................   1,232     7,894
                                                             -------  --------
Net income (loss)........................................... $ 4,204  $ (8,319)
                                                             =======  ========
</TABLE>

 
        This condensed statement should be read in conjunction with the
 Consolidated Financial Statements and Notes thereto which are included in Item
                                   8 herein.
 
 
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