<PAGE>
 
                       ZAPATA CORPORATION                       
            DIVISIONAL REVENUES AND OPERATING INCOME         
            ----------------------------------------
                         (in thousands)                          

<TABLE> 
<CAPTION> 

                          Three Months Ended    Nine Months Ended
                               June 30,             June 30, 
                            1994       1993      1994     1993
                          --------   --------   ------   -------
<S>                       <C>        <C>        <C>      <C> 
Revenues              

Natural gas compression   $21,810     $ ---     $49,874    $ ---  

Natural gas gathering
   and processing          41,957     40,972    120,456   148,715
Oil and gas                 3,026      4,231      9,287    16,596
Marine protein             19,703     12,970     62,307    35,641
                          -------    -------    -------   -------
                          $86,496    $58,173   $241,924  $200,952
                         ========    =======   ========  ========

Operating income (loss)                  

Natural gas compression    $2,460       $ ---     $4,842    $ ---
Natural gas gathering
   and processing            (473)       (340)      (696)     (158)
Oil and gas               (18,743)      1,190    (18,103)    5,553
Marine protein              2,122         415      6,016     1,362
Corporate                  (1,424)     (1,834)    (4,660)   (5,121)
                         --------     -------    -------   -------
                         ($16,058)      ($569)  ($12,601)   $1,636
                         ========     =======   ========   =======

</TABLE>

 

(The accompanying notes are an integral part of the financial statements.)

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