<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 March 31, 1997

                                       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: 33-37983-29



                  SWIFT ENERGY OPERATING PARTNERS 1994-D, LTD.
             (Exact name of registrant as specified in its charter)

<TABLE>
<S>                                           <C>
                  Texas                                   76-0451887
(State or other jurisdiction of organization) (I.R.S. Employer Identification No.)
</TABLE>

                        16825 Northchase Drive, Suite 400
                              Houston, Texas 77060
                    (Address of principal executive offices)
                                   (Zip Code)

                                  (281)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 OPERATING PARTNERS 1994-D, LTD.

                                      INDEX



<TABLE>
<CAPTION>
PART I.    FINANCIAL INFORMATION                                       PAGE
      <S>                                                                <C>
      ITEM 1.    Financial Statements

            Balance Sheets

                - March 31, 1997 and December 31, 1996                   3

            Statements of Operations

                - Three month periods ended March 31, 1997 and 1996      4

            Statements of Cash Flows

                - Three month periods ended March 31, 1997 and 1996      5

            Notes to Financial Statements                                6

      ITEM 2.    Management's Discussion and Analysis of Financial
                     Condition and Results of Operations                 8

PART II.    OTHER INFORMATION                                            9


SIGNATURES                                                              10
</TABLE>

<PAGE>

                  SWIFT ENERGY OPERATING PARTNERS 1994-D, LTD.
                                 BALANCE SHEETS



<TABLE>
<CAPTION>
                                                                                          March 31,          December 31,
                                                                                            1997                 1996
                                                                                       --------------       --------------
                                                                                        (Unaudited)
         <S>                                                                           <C>                  <C>
         ASSETS:

         Current Assets:
              Cash and cash equivalents                                                $      476,722       $      485,796
              Oil and gas sales receivable                                                    263,836              247,342
              Other                                                                             5,466                   --
                                                                                       --------------       --------------
                   Total Current Assets                                                       746,024              733,138
                                                                                       --------------       --------------
         Oil and Gas Properties, using full cost
              accounting                                                                    4,527,096            4,509,703
         Less-Accumulated depreciation, depletion
              and amortization                                                             (1,328,520)            (549,631)
                                                                                       --------------       --------------
                                                                                            3,198,576            3,960,072
                                                                                       --------------       --------------
                                                                                       $    3,944,600       $    4,693,210
                                                                                       ==============       ==============

         LIABILITIES AND PARTNERS' CAPITAL:

         Current Liabilities:
              Accounts payable and accrued liabilities                                 $       81,876       $       23,912
                                                                                       --------------       --------------

         Deferred Revenues                                                                     10,666               10,666

         Partners' Capital                                                                  3,852,058            4,658,632
                                                                                       --------------       --------------
                                                                                       $    3,944,600       $    4,693,210
                                                                                       ==============       ==============
</TABLE>


                 See accompanying notes to financial statements.

                                        3


<PAGE>

                  SWIFT ENERGY OPERATING PARTNERS 1994-D, LTD.
                            STATEMENTS OF OPERATIONS
                                   (Unaudited)


<TABLE>
<CAPTION>
                                                                                         Three Months Ended
                                                                                               March 31,
                                                                                 ---------------------------------
                                                                                        1997             1996
                                                                                 ---------------   ---------------
         <S>                                                                     <C>               <C>
         REVENUES:
             Oil and gas sales                                                   $       277,344   $       244,731
             Interest income                                                               5,466            13,387
             Other                                                                         1,893             2,569
                                                                                 ---------------   ---------------
                                                                                         284,703           260,687
                                                                                 ---------------   ---------------
         COSTS AND EXPENSES:
             Lease operating                                                              74,545            57,520
             Production taxes                                                             13,508            13,111
             Depreciation, depletion
              and amortization -
                 Normal provision                                                         66,741            83,495
                 Additional provision                                                    712,148                --
             General and administrative                                                   29,518            30,821
                                                                                 ---------------   ---------------
                                                                                         896,460           184,947
                                                                                 ---------------   ---------------

         NET INCOME (LOSS)                                                       $      (611,757)  $        75,740
                                                                                 ===============   ===============
</TABLE>


         Limited Partners' net income (loss)
             per unit

         March 31, 1997                       $          (.13)
                                              ===============
         March 31, 1996                       $           .02
                                              ===============


                 See accompanying note to financial statements.

                                        4


<PAGE>

                  SWIFT ENERGY OPERATING PARTNERS 1994-D, LTD.
                            STATEMENTS OF CASH FLOWS
                                   (Unaudited)


<TABLE>
<CAPTION>

                                                                                          Three Months Ended
                                                                                                March 31,
                                                                                ---------------------------------------
                                                                                       1997                  1996
                                                                                ----------------        ---------------
<S>                                                                             <C>                     <C>
CASH FLOWS FROM OPERATING ACTIVITIES:
    Income (Loss)                                                               $       (611,757)       $        75,740
    Adjustments to reconcile income (loss) to
      net cash provided by operations:
      Depreciation, depletion and amortization                                           778,889                 83,495
      Change in assets and liabilities:
        (Increase) decrease in oil and gas sales receivable                              (16,494)                38,876
        Increase (decrease) in other current assets                                       (5,466)               (13,136)
        Increase (decrease) in accounts payable
          and accrued liabilities                                                         57,964               (159,691)
                                                                                ----------------        ---------------
               Net cash provided by (used in) operating activities                       203,136                 25,284
                                                                                ----------------        ---------------
CASH FLOWS FROM INVESTING ACTIVITIES:
    Additions to oil and gas properties                                                  (17,393)               (10,254)
                                                                                ----------------        ---------------
CASH FLOWS FROM FINANCINGACTIVITIES:
    Cash distributions to partners                                                      (194,817)              (116,613)
                                                                                ----------------        ---------------
NET INCREASE (DECREASE) IN CASH AND CASH EQUIVALENTS                                      (9,074)              (101,583)
                                                                                ----------------        ---------------
CASH AND CASH EQUIVALENTS AT BEGINNING OF PERIOD                                         485,796              1,140,607
                                                                                ----------------        ---------------
CASH AND CASH EQUIVALENTS AT END OF PERIOD                                      $        476,722        $     1,039,024
                                                                                ================        ===============
</TABLE>


                 See accompanying notes to financial statements.

                                        5


<PAGE>

                  SWIFT ENERGY OPERATING PARTNERS 1994-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,  1996  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)  Organization and Terms of Partnership Agreement -

                  Swift Energy Operating Partners 1994-D,  Ltd., a Texas limited
        partnership  ("the  Partnership"),  was formed on December 30, 1994, for
        the purpose of purchasing and operating producing oil and gas properties
        within the  continental  United States and Canada.  Swift Energy Company
        ("Swift"),   a  Texas  corporation,   and  VJM  Corporation  ("VJM"),  a
        California  corporation,  serve as Managing  General Partner and Special
        General  Partner  of the  Partnership,  respectively.  The sole  limited
        partner  of the  Partnership  is Swift  Depositary  Company,  which  has
        assigned all of its  beneficial  (but not of record) rights and interest
        as  limited  partner  to the  investors  in the  Partnership  ("Interest
        Holders"), in the form of Swift Depositary Interests ("SDIs").

                  The Managing  General  Partner has paid or will pay out of its
        own corporate funds (as a capital  contribution to the  Partnership) all
        selling commissions,  offering expenses,  printing, legal and accounting
        fees and other  formation costs incurred in connection with the offering
        of SDIs and the  formation  of the  Partnership,  for which the Managing
        General  Partner  will  receive  an  interest  in  continuing  costs and
        revenues of the Partnership. The 321 Interest Holders made total capital
        contributions of $4,775,604.

                  Generally,  all continuing costs (including development costs,
        operating costs,  general and  administrative  reimbursements and direct
        expenses) and revenues are allocated 85 percent to the interest  holders
        and 15 percent to the general  partners.  After  partnership  payout, as
        defined in the Partnership Agreement, continuing costs and revenues will
        be shared 75  percent  by the  interest  holders,  and 25 percent by the
        general partners.

(3)  Significant Accounting Policies -

       Use of Estimates --

                  The  preparation  of financial  statements in conformity  with
        generally accepted  accounting  principles  requires  management to make
        estimates and assumptions that affect the reported amounts of assets and
        liabilities  at the date of the  financial  statements  and the reported
        amounts of revenues and expenses during the reporting period.
        Actual results could differ from estimates.

     Oil and Gas Properties --

                  For financial  reporting purposes the Partnership  follows the
        "full-cost"  method of accounting for oil and gas property costs.  Under
        this  method of  accounting,  all  productive  and  nonproductive  costs
        incurred in the  acquisition and development of oil and gas reserves are
        capitalized.  Such costs  include  lease  acquisitions,  geological  and
        geophysical  services,  drilling,  completion,   equipment  and  certain
        general and  administrative  costs directly  associated with acquisition
        and development activities.  General and administrative costs related to
        production and general overhead are expensed as incurred. No general and
        administrative  costs were  capitalized  during the three  months  ended
        March 31, 1997 and 1996.


                                       6


<PAGE>

                  SWIFT ENERGY OPERATING PARTNERS 1994-D, LTD.
                    NOTES TO FINANCIAL STATEMENTS (CONTINUED)
                                   (UNAUDITED)


                  Future  development,   site  restoration,   dismantlement  and
        abandonment   costs,   net  of  salvage  values,   are  estimated  on  a
        property-by-property  basis based on current economic conditions and are
        amortized  to  expense  as the  Partnership's  capitalized  oil  and gas
        property costs are amortized.

                  The  unamortized  cost of oil and gas properties is limited to
        the "ceiling  limitation"  (calculated  separately for the  Partnership,
        limited  partners and general  partners).  The "ceiling  limitation"  is
        calculated on a quarterly basis and represents the estimated  future net
        revenues from proved properties using current prices,  discounted at ten
        percent,  and the lower of cost or fair  value of  unproved  properties.
        Proceeds  from the sale or  disposition  of oil and gas  properties  are
        treated as a reduction  of oil and gas  property  costs with no gains or
        losses being recognized except in significant transactions.

                  The  Partnership  computes  the  provision  for  depreciation,
        depletion   and   amortization   of  oil  and  gas   properties  on  the
        units-of-production   method.   Under  this  method,  the  provision  is
        calculated  by  multiplying  the total  unamortized  cost of oil and gas
        properties,    including   future    development,    site   restoration,
        dismantlement  and abandonment  costs, by an overall  amortization  rate
        that  is  determined  by  dividing  the  physical  units  of oil and gas
        produced  during the period by the total  estimated  units of proved oil
        and gas reserves at the beginning of the period.

                  The calculation of the "ceiling  limitation" and the provision
        for  depreciation,  depletion and  amortization is based on estimates of
        proved reserves. There are numerous uncertainties inherent in estimating
        quantities  of proved  reserves  and in  projecting  the future rates of
        production,  timing and plan of development. The accuracy of any reserve
        estimate  is a  function  of  the  quality  of  available  data  and  of
        engineering  and  geological  interpretation  and  judgment.  Results of
        drilling,  testing and production subsequent to the date of the estimate
        may justify revision of such estimate.  Accordingly,  reserve  estimates
        are  often  different  from  the  quantities  of oil  and gas  that  are
        ultimately recovered.

(4)  Related-Party Transactions -

                  Effective  December 30, 1994, the  Partnership  entered into a
        Net  Profits  and  Overriding   Royalty   Interest   Agreement   ("NP/OR
        Agreement")  with Swift Energy Pension Partners  1994-D,  Ltd.  (Pension
        Partnership), an affiliated partnership managed by Swift for the purpose
        of acquiring  interests in producing oil and gas  properties.  Under the
        terms of the  NP/OR  Agreement,  the  Partnership  has  conveyed  to the
        Pension Partnership a nonoperating interest in the aggregate net profits
        (i.e.,  oil  and  gas  sales  net of  related  operating  costs)  of the
        properties  acquired  equal to the Pension  Partnership's  proportionate
        share of the property acquisition costs.

(5)  Vulnerability Due to Certain Concentrations -

                  The  Partnership's  revenues are primarily the result of sales
        of its oil and natural gas production.  Market prices of oil and natural
        gas may fluctuate and adversely affect operating results.

                  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)  Fair Value of Financial Instruments -

                  The Partnership's  financial  instruments  consist of cash and
        cash equivalents and short-term  receivables and payables.  The carrying
        amounts  approximate  fair value due to the highly  liquid nature of the
        short-term instruments.


                                       7


<PAGE>

                  SWIFT ENERGY OPERATING PARTNERS 1994-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 and Canada. In
order to  accomplish  this,  the  Partnership  goes  through  two  distinct  yet
overlapping phases with respect to its liquidity and result 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 Interest Holder  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 Interest Holders 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  expended  approximately  84 percent of the Interest
Holder's commitments  available for property acquisitions by acquiring producing
oil and gas properties.

      The  Partnership  does  not  allow  for  additional  assessments  from the
partners or Interest Holders to fund capital  requirements.  However,  funds 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

     Oil and gas sales  increased  $32,613 or 13 percent in the first quarter of
1997 when  compared to the same period in 1996,  primarily  due to increased gas
and oil prices.  An increase in gas prices of 15 percent or $.45/MCF  and in oil
prices of 51  percent  or  $7.23/BBL  had a  significant  impact on  partnership
performance.  Also,  first quarter gas production  increased 12 percent  further
contributing to the increased revenues.  Current quarter oil production declined
34 percent when compared to first  quarter 1996  production  volumes,  partially
offsetting the effect of increased gas and oil prices.

      Associated depreciation expense decreased 20 percent or $16,754.

      The  Partnership   recorded  an  additional   provision  in  depreciation,
depletion  and  amortization  in the first quarter of 1997 for $712,148 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 March 31, 1997,
the Partnership would have recorded an additional provision at March 31, 1997 in
the amount of $1,163,746.

      During 1997,  partnership  revenues  and costs will be shared  between the
Interest Holders and general partners in an 85:15 ratio.


                                       8


<PAGE>

                  SWIFT ENERGY OPERATING PARTNERS 1994-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 OPERATING
                                       PARTNERS 1994-D, LTD.
                                       (Registrant)

                            By:        SWIFT ENERGY COMPANY
                                       Managing General Partner


Date:     May 5, 1997       By:        /s/ John R. Alden
          -----------                  ----------------------------
                                       John R. Alden
                                       Senior Vice President, Secretary
                                       and Principal Financial Officer

Date:     May 5, 1997       By:        /s/ Alton D. Heckaman, Jr.
          -----------                  ----------------------------
                                       Alton D. Heckaman, Jr.
                                       Vice President, Controller
                                       and Principal Accounting Officer


                                       10