<PAGE>
                                    FORM 10-Q



                       SECURITIES AND EXCHANGE COMMISSION

                             WASHINGTON, D.C. 20549


            [ X ] QUARTERLY REPORT PURSUANT TO SECTION 13 OR 15(d) OF
                       THE SECURITIES EXCHANGE ACT OF 1934

                FOR THE QUARTERLY PERIOD ENDED SEPTEMBER 30, 1995

                                       OR

            [ ] TRANSITION REPORT PURSUANT TO SECTION 13 OR 15(d) OF
                       THE SECURITIES EXCHANGE ACT OF 1934

         FOR THE TRANSITION PERIOD FROM ______________ TO ______________

                         COMMISSION FILE NUMBER 0-17023


                    SWIFT ENERGY INCOME PARTNERS 1986-D, LTD.
             (EXACT NAME OF REGISTRANT AS SPECIFIED IN ITS CHARTER)


                TEXAS                                      76-0208087
     (STATE OR OTHER JURISDICTION                       (I.R.S. EMPLOYER
           OF ORGANIZATION)                            IDENTIFICATION NO.)


                        16825 NORTHCHASE DRIVE, SUITE 400
                              HOUSTON, TEXAS 77060
                    (ADDRESS OF PRINCIPAL EXECUTIVE OFFICES)
                                   (ZIP CODE)

                                  (713)874-2700
              (REGISTRANT'S TELEPHONE NUMBER, INCLUDING AREA CODE)

                                      NONE
              (FORMER NAME, FORMER ADDRESS AND FORMER FISCAL YEAR,
                         IF CHANGED SINCE LAST REPORT)


Indicate by check mark whether the Registrant (1) has filed all reports required
to be filed by Section 13 or 15(d) of the Securities Exchange Act of 1934 during
the  preceding 12 months (or for such  shorter  period that the  Registrant  was
required  to file  such  reports),  and  (2) has  been  subject  to such  filing
requirements for the past 90 days.

Yes _X___     No_____


<PAGE>


                    SWIFT ENERGY INCOME PARTNERS 1986-D, LTD.

                                      INDEX




PART I.    FINANCIAL INFORMATION                                            PAGE


      ITEM 1.    FINANCIAL STATEMENTS

            Balance Sheets

               - September 30, 1995 and December 31, 1994                      3

            Statements of Operations

               - Three month and nine month periods ended
                   September 30, 1995 and 1994                                 4

            Statements of Cash Flows

               - Nine month periods ended September 30, 1995 and 1994          5

            Notes to Financial Statements                                      6

      ITEM 2.    MANAGEMENT'S DISCUSSION AND ANALYSIS OF FINANCIAL
                    CONDITION AND RESULTS OF OPERATIONS                        7

PART II.    OTHER INFORMATION                                                  9


SIGNATURES                                                                    10


<PAGE>

                    SWIFT ENERGY INCOME PARTNERS 1986-D, LTD.
                                 BALANCE SHEETS


<TABLE>
<CAPTION>
                                                                       SEPTEMBER 30,    DECEMBER 31,
                                                                           1995             1994
                                                                       ------------     ------------
                                                                       (UNAUDITED)
<S>                                                                    <C>              <C>
        ASSETS:

        Current Assets:
             Cash and cash equivalents                                 $      1,746     $      1,468
             Oil and gas sales receivable                                   112,094          223,434
                                                                       ------------     ------------
                  Total Current Assets                                      113,840          224,902
                                                                       ------------     ------------
        Oil and Gas Properties, using full cost
             accounting                                                  13,107,922       13,030,737
        Less-Accumulated depreciation, depletion
             and amortization                                           (10,232,380)      (9,511,869)
                                                                       ------------     ------------
                                                                          2,875,542        3,518,868
                                                                       ------------     ------------
                                                                       $  2,989,382     $  3,743,770
                                                                       ============     ============

        LIABILITIES AND PARTNERS' CAPITAL:

        Current Liabilities:
            Accounts payable and accrued liabilities                   $    432,788     $    414,932
            Current portion of note payable                                  50,000          100,000
                                                                       ------------     ------------
                  Total Current Liabilities                                 482,788          514,932
                                                                       ------------     ------------
        Note payable to a Bank, net
            of current portion                                                   --           25,000

        Deferred Revenues                                                   145,114          142,996

        Partners' Capital                                                 2,361,480        3,060,842
                                                                       ------------     ------------
                                                                       $  2,989,382     $  3,743,770
                                                                       ============     ============
</TABLE>


                 SEE ACCOMPANYING NOTES TO FINANCIAL STATEMENTS.

                                        3


<PAGE>

                    SWIFT ENERGY INCOME PARTNERS 1986-D, LTD.
                            STATEMENTS OF OPERATIONS
                                   (UNAUDITED)






<TABLE>
<CAPTION>
                                          THREE MONTHS ENDED           NINE MONTHS ENDED
                                             SEPTEMBER 30,               SEPTEMBER 30,
                                      --------------------------   --------------------------
                                          1995          1994           1995          1994
                                      ------------  ------------   ------------  ------------

<S>                                   <C>           <C>            <C>           <C>
REVENUES:
   Oil and gas sales                  $    118,103  $    259,608   $    536,527  $    780,734
   Interest income                              46            12            133            24
   Other                                     2,019         2,190          7,416         6,572
                                      ------------  ------------   ------------  ------------
                                           120,168       261,810        544,076       787,330
                                      ------------  ------------   ------------  ------------

COSTS AND EXPENSES:
   Lease operating                          61,713        69,148        234,382       232,715
   Production taxes                          6,009        13,872         29,483        45,627
   Depreciation, depletion
      and amortization -
        Normal provision                    39,003        85,938        195,064       259,153
        Additional provision                64,306            --        525,447            --
   General and administrative               21,581        35,114         65,096        99,544
   Interest expense                         10,841         6,872         30,492        21,114
                                      ------------  ------------   ------------  ------------
                                           203,453       210,944      1,079,964       658,153
                                      ------------  ------------   ------------  ------------
NET INCOME (LOSS)                     $    (83,285) $     50,866   $   (535,888) $    129,177
                                      ============  ============   ============  ============



LIMITED PARTNERS' NET INCOME (LOSS)
   PER UNIT                           $      (5.90) $       3.60   $     (37.95) $       9.15
                                      ============  ============   ============  ============
</TABLE>









                 SEE ACCOMPANYING NOTE TO FINANCIAL STATEMENTS.

                                        4


<PAGE>



                    SWIFT ENERGY INCOME PARTNERS 1986-D, LTD.

                            STATEMENTS OF CASH FLOWS
                                   (UNAUDITED)


<TABLE>
<CAPTION>
                                                                         NINE MONTHS ENDED
                                                                            SEPTEMBER 30,
                                                                 --------------------------------
                                                                      1995               1994
                                                                 -------------       ------------
<S>                                                              <C>                 <C>
CASH FLOWS FROM OPERATING ACTIVITIES:
    Income (Loss)                                                $   (535,888)       $    129,177
    Adjustments to reconcile income (loss) to
      net cash provided by operations:
      Depreciation, depletion and amortization                        720,511             259,153
      Deferred revenues                                                 2,118               7,493
      Change in assets and liabilities:
        (Increase) decrease in oil and gas sales receivable           111,340              (4,934)
        Increase (decrease) in accounts payable
          and accrued liabilities                                      17,856             (52,606)
                                                                 ------------        ------------
            Net cash provided by (used in) operating activities       315,937             338,283
                                                                 ------------        ------------
CASH FLOWS FROM INVESTING ACTIVITIES:
    Additions to oil and gas properties                              (100,441)            (98,708)
    Proceeds from sales of oil and gas properties                      23,256              47,626
                                                                 ------------        ------------
            Net cash provided by (used in) investing activities       (77,185)            (51,082)
                                                                 ------------        ------------
CASH FLOWS FROM FINANCING ACTIVITIES:
    Cash distributions to partners                                   (163,474)           (212,033)
    Payments on note payable                                          (75,000)            (75,000)
                                                                 ------------        ------------
            Net cash provided by (used in) financing activities      (238,474)           (287,033)
                                                                 ------------        ------------
NET INCREASE (DECREASE) IN CASH AND CASH EQUIVALENTS                      278                 168
                                                                 ------------        ------------
CASH AND CASH EQUIVALENTS AT BEGINNING OF PERIOD                        1,468               1,180
                                                                 ------------        ------------
CASH AND CASH EQUIVALENTS AT END OF PERIOD                       $      1,746        $      1,348
                                                                 ============        ============
Supplemental disclosure of cash flow information:
    Cash paid during the period for interest                     $      7,355        $     11,255
                                                                 ============        ============
</TABLE>









                 SEE ACCOMPANYING NOTES TO FINANCIAL STATEMENTS.

                                        5


<PAGE>




                    SWIFT ENERGY INCOME PARTNERS 1986-D, LTD.
                          NOTES TO FINANCIAL STATEMENTS
                                   (UNAUDITED)




(1)  GENERAL INFORMATION -

               The financial  statements  included  herein have been prepared by
      the Partnership and are unaudited except for the balance sheet at December
      31, 1994 which has been taken from the  audited  financial  statements  at
      that date. The financial statements reflect adjustments, all of which were
      of a normal  recurring  nature,  which are, in the opinion of the managing
      general partner necessary for a fair presentation. Certain information and
      footnote disclosures normally included in financial statements prepared in
      accordance with generally accepted accounting principles have been omitted
      pursuant  to the rules and  regulations  of the  Securities  and  Exchange
      Commission  ("SEC").  The  Partnership  believes  adequate  disclosure  is
      provided by the information presented.  The financial statements should be
      read in conjunction  with the audited  financial  statements and the notes
      included in the latest Form 10-K.

(2)  DEFERRED REVENUES -

               Deferred Revenues represent a gas imbalance  liability assumed as
       part of property  acquisitions.  The  imbalance is  accounted  for on the
       entitlements  method,  whereby  the  Partnership  records  its  share  of
       revenue,  based on its  entitled  amount.  Any amounts  over or under the
       entitled  amount are  recorded  as an  increase  or  decrease to deferred
       revenues.

(3)  CONCENTRATION OF CREDIT RISK -

               The  Partnership  extends credit to various  companies in the oil
      and gas industry  which results in a  concentration  of credit risk.  This
      concentration  of credit  risk may be  affected  by changes in economic or
      other  conditions and may  accordingly  impact the  Partnership's  overall
      credit risk. However,  the Managing General Partner believes that the risk
      is mitigated by the size, reputation, and nature of the companies to which
      the Partnership  extends credit.  In addition,  the partnership  generally
      does  not  require  collateral  or  other  security  to  support  customer
      receivables.



                                       6
<PAGE>



                    SWIFT ENERGY INCOME PARTNERS 1986-D, LTD.
                MANAGEMENT'S DISCUSSION AND ANALYSIS OF FINANCIAL
                       CONDITION AND RESULTS OF OPERATIONS

GENERAL

     The  Partnership  was formed for the purpose of investing in producing  oil
and gas properties  located within the  continental  United States.  In order to
accomplish  this,  the  Partnership  goes through two  distinct yet  overlapping
phases  with  respect  to its  liquidity  and  results of  operations.  When the
Partnership  is formed,  it commences its  "acquisition"  phase,  with all funds
placed in short-term  investments until required for such property acquisitions.
The interest  earned on these  pre-acquisition  investments  becomes the primary
cash flow source for initial partner distributions.  As the Partnership acquires
producing   properties,   net  cash  from  operations   becomes   available  for
distribution,  along with the investment  income.  After  partnership funds have
been expended on producing oil and gas properties,  the  Partnership  enters its
"operations" phase. During this phase, oil and gas sales generate  substantially
all revenues,  and  distributions  to partners  reflect those  revenues less all
associated  partnership expenses.  The Partnership may also derive proceeds from
the sale of acquired oil and gas properties, when the sale of such properties is
economically appropriate or preferable to continued operation.

LIQUIDITY AND CAPITAL RESOURCES

     The  Partnership  has  completed  acquisition  of  producing  oil  and  gas
properties,  expending all of the limited  partners'  commitments  available for
property acquisitions.

     The Partnership does not allow for additional assessments from the partners
to fund  capital  requirements.  However,  funds in  addition  to the  remaining
unexpended   net  capital   commitments  of  the  partners  are  available  from
partnership  revenues,  borrowings  or  proceeds  from the  sale of  partnership
property.  The  Managing  General  Partner  believes  that the  funds  currently
available to the Partnership  will be adequate to meet any  anticipated  capital
requirements.

RESULTS OF OPERATIONS

     The  following  analysis  explains  changes  in  the  revenue  and  expense
categories  for the quarter  ended  September  30, 1995  (current  quarter) when
compared to the quarter ended September 30, 1994  (corresponding  quarter),  and
for the nine months ended September 30, 1995 (current period),  when compared to
the nine months ended September 30, 1994 (corresponding period).

THREE MONTHS ENDED SEPTEMBER 30, 1995 AND 1994

     Oil and gas sales declined $141,505 or 55 percent in the current quarter of
1995 when  compared  to the  corresponding  quarter  in 1994,  primarily  due to
decreased  gas and  oil  production.  Current  quarter  gas  and oil  production
declined 51 percent and 39 percent, respectively, when compared to third quarter
1994  production  volumes.  A decline  in gas and oil  prices of 16  percent  or
$.28/MCF  and 16 percent or  $2.83/BBL,  respectively,  further  contributed  to
decreased revenues.

     Associated depreciation expense decreased 55 percent or $46,935.

     The Partnership recorded an additional provision in depreciation, depletion
and  amortization  in the third  quarter of 1995 for  $64,306  when the  present
value,  discounted at ten percent, of estimated future net revenues from oil and
gas properties,  using the guidelines of the Securities and Exchange Commission,
was below the fair market value originally paid for oil and gas properties.  The
additional  provision results from the Managing General Partner's  determination
that the fair market  value paid for  properties  may or may not  coincide  with
reserve  valuations  determined  according to guidelines of the  Securities  and
Exchange  Commission.  Using  prices  in  effect  at  September  30,  1994,  the
Partnership would have recorded an additional provision at September 30, 1994 in
the amount of  $471,819.  However,  these  temporarily  low  quarter-end  prices
rebounded  and by using prices in effect at the filing date,  the  Partnership's
unamortized cost of oil and gas properties were not limited by this calculation.

                                       7

<PAGE>

                    SWIFT ENERGY INCOME PARTNERS 1986-D, LTD.
                MANAGEMENT'S DISCUSSION AND ANALYSIS OF FINANCIAL
                 CONDITION AND RESULTS OF OPERATIONS (CONTINUED)


NINE MONTHS ENDED SEPTEMBER 30, 1995 AND 1994

     Oil and gas sales decreased $244,207 or 31 percent in the first nine months
of 1995 over the  corresponding  period in 1994. A decline in the current period
gas prices of 27 percent or $.55/MCF  had a  significant  impact on  partnership
performance. Also, current period gas and oil production declined 17 percent and
24 percent,  respectively,  when compared to the  corresponding  period in 1994,
further contributing to decreased income.  Increased oil prices of 13 percent or
$1.80/BBL partially offset the revenue declines.

     Associated depreciation expense decreased 25 percent or $64,089.

     The Partnership recorded an additional provision in depreciation, depletion
and  amortization in the first nine months of 1995 for $525,447 when the present
value,  discounted at ten percent, of estimated future net revenues from oil and
gas properties,  using the guidelines of the Securities and Exchange Commission,
was below the fair market value originally paid for oil and gas properties.  The
additional  provision results from the Managing General Partner's  determination
that the fair market  value paid for  properties  may or may not  coincide  with
reserve valuations determined according to guidelines of the Securities Exchange
Commission.

     During  1995,  partnership  revenues  and costs will be shared  between the
limited partners and general partners in a 90:10 ratio.





                                       8
<PAGE>


                    SWIFT ENERGY INCOME PARTNERS 1986-D, LTD.
                           PART II - OTHER INFORMATION




ITEM 5.    OTHER INFORMATION


                                     -NONE-





                                       9
<PAGE>



                                   SIGNATURES



Pursuant to the  requirements of Section 13 or 15(d) of the Securities  Exchange
Act of 1934,  the  Registrant  has duly  caused  this report to be signed on its
behalf by the undersigned thereunto duly authorized.


                                                SWIFT ENERGY INCOME
                                                PARTNERS 1986-D, LTD.
                                                (Registrant)

                                        By:     SWIFT ENERGY COMPANY,
                                                Managing General Partner


Date:  November 13, 1995                By:     /s/ John R. Alden
       -----------------                        --------------------------------
                                                John R. Alden
                                                Senior Vice President, Secretary
                                                and Principal Financial Officer

Date:  November 13, 1995                By:     /s/ Alton D. Heckaman, Jr.
       ------------------                       --------------------------------
                                                Alton D. Heckaman, Jr.
                                                Vice President, Controller
                                                and Principal Accounting Officer

                                       10