<PAGE>
declining for a number of years, as no exploratory efforts have been undertaken
to offset gas production. The Board's decision to sell the properties is simply
an acceleration of the liquidation of the gas reserves currently occurring
through production. During fiscal 1994, the Company generated approximately 5%
of its revenues from its oil and gas operations.
HISTORICAL CONTRIBUTIONS OF MAJOR DIVISIONS
The following table summarizes historical revenues, operating results (before
net interest expense, other income and income taxes), identifiable assets,
depreciation, depletion and amortization and capital expenditures for the
Company's continuing operations, by major division, for the periods indicated
(in thousands). As a result of the decision to sell the marine protein
operations, the Company's financial statements have been restated in 1994 to
reflect the Company's marine protein operations as a discontinued operation.
<TABLE>
<CAPTION>
OPERATING DEPRECIATION,
INCOME IDENTIFIABLE DEPLETION AND CAPITAL
YEAR ENDED SEPTEMBER 30, REVENUES (LOSS) ASSETS AMORTIZATION EXPENDITURES
- ------------------------ -------- --------- ------------ ------------- ------------
<S> <C> <C> <C> <C> <C>
1994
Natural gas services--
compression.......... $ 72,522 $ 7,970 $102,626 $ 4,867 $ 8,638
Natural gas services--
gathering, processing
and marketing........ 156,141 (1,063) 36,742 1,855 4,083
Oil and gas........... 12,549 (28,285)(2) 20,062 33,770(2) 11,792
Corporate............. (8,767) 44,444(1) 2,321 67
-------- -------- -------- ------- -------
$241,212 $(30,145) $203,874 $42,813 $24,580
======== ======== ======== ======= =======
1993
Natural gas services--
gathering, processing
and marketing........ $186,291 $ (552) $ 40,871 $ 460 $ 1,757
Oil and gas........... 20,189 6,032 41,630 7,688 1,327
Corporate............. (6,769) 169,888(1) 378 8
-------- -------- -------- ------- -------
$206,480 $ (1,289) $252,389 $ 8,526 $ 3,092
======== ======== ======== ======= =======
1992
Oil and gas........... $ 30,094 $ 11,248 $ 50,191 $10,303 $ 3,963
Corporate............. (5,076) 170,066(1) 372 3,018
-------- -------- -------- ------- -------
$ 30,094 $ 6,172 $220,257 $10,675 $ 6,981
======== ======== ======== ======= =======
</TABLE>
- --------
(1) Includes Zapata's investment in Tidewater, a substantial portion of which
was sold in fiscal 1994 and 1993.
(2) Includes a $29,152,000 provision for oil and gas property valuation as a
result of low gas prices and a revision of estimated future costs.
The net amounts of interest expense (net of interest income), other income
and income tax expense (benefit) from continuing operations were as set forth
below (in thousands).
<TABLE>
<CAPTION>
INCOME
TAX
INTEREST OTHER EXPENSE
YEAR ENDED SEPTEMBER 30, EXPENSE INCOME (BENEFIT)
------------------------ -------- ------- ---------
<S> <C> <C> <C>
1994...................................... $4,095 $33,051(1) $(494)
1993...................................... 8,673 23,571(1) 3,800
1992...................................... 8,910 6,231 678
</TABLE>
- --------
(1) Includes pretax gains of $37.5 million and $32.9 million in fiscal 1994 and
1993 respectively, from sales of Tidewater common stock.
2