<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 June 30, 1998

                                       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: 33-37983-15



                   SWIFT ENERGY PENSION PARTNERS 1993-B, LTD.
             (Exact name of registrant as specified in its charter)

<TABLE>
<S>                                           <C>       
                  Texas                                     76-0400060
(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 PENSION PARTNERS 1993-B, LTD.

                                      INDEX



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

            Balance Sheets

                - June 30, 1998 and December 31, 1997                                  3

            Statements of Operations

                - Three month and six month periods ended June 30, 1998 and 1997       4

            Statements of Cash Flows

                - Six month periods ended June 30, 1998 and 1997                       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                                                         10


SIGNATURES                                                                            11
</TABLE>




<PAGE>

                   SWIFT ENERGY PENSION PARTNERS 1993-B, LTD.
                                 BALANCE SHEETS



<TABLE>
<CAPTION>
                                                                                          June 30,           December 31,
                                                                                            1998                 1997
                                                                                       ---------------     ----------------
                                                                                        (Unaudited)
         <S>                                                                           <C>                  <C>           
         ASSETS:

         Current Assets:
              Cash and cash equivalents                                                $      110,240       $      206,862
              Nonoperating interests income receivable                                         64,093              217,132
                                                                                       ---------------     ----------------
                  Total Current Assets                                                        174,333              423,994
                                                                                       ---------------     ----------------
         Nonoperating interests in oil and gas
              properties, using full cost accounting                                        6,098,005            6,031,371
         Less-Accumulated amortization                                                     (4,447,986)          (3,982,690)
                                                                                       ---------------     ----------------
                                                                                            1,650,019            2,048,681
                                                                                       ---------------     ----------------
                                                                                       $    1,824,352       $    2,472,675
                                                                                       ===============     ================


         LIABILITIES AND PARTNERS' CAPITAL:

         Current Liabilities:
              Accounts Payable                                                         $        7,997       $       16,629
                                                                                       ---------------     ----------------

         Interest Holders' Capital (6,237,102 Interest Holders' SDIs;
                                   $1.00 per SDI)                                           1,815,107            2,444,077
         General Partners' Capital                                                              1,248               11,969
                                                                                       ---------------     ----------------
         Total Partners' Capital                                                            1,816,355            2,456,046
                                                                                       ---------------     ----------------
                                                                                       $    1,824,352       $    2,472,675
                                                                                       ===============     ================
</TABLE>


                 See accompanying notes to financial statements.

                                        3


<PAGE>

                   SWIFT ENERGY PENSION PARTNERS 1993-B, LTD.
                            STATEMENTS OF OPERATIONS
                                   (Unaudited)





<TABLE>
<CAPTION>
                                                     Three Months Ended                  Six Months Ended
                                                          June 30,                           June 30,
                                              ---------------------------------  ---------------------------------
                                                   1998              1997             1998              1997
                                              ---------------   ---------------  ---------------   ---------------
<S>                                           <C>               <C>              <C>               <C>            
REVENUES:
   Income from nonoperating interests         $        62,951   $       122,928  $        94,992   $       355,442
   Interest income                                      1,748             2,488            4,034             5,084
                                              ---------------   ---------------  ---------------   ---------------
                                                       64,699           125,416           99,026           360,526
                                              ---------------   ---------------  ---------------   ---------------

COSTS AND EXPENSES:
   Amortization                                       229,248           192,940          465,296           363,496
   General and administrative                          24,190            21,913           47,548            48,694
                                              ---------------   ---------------  ---------------   ---------------
                                                      253,438           214,853          512,844           412,190
                                              ---------------   ---------------  ---------------   ---------------
NET INCOME (LOSS)                             $      (188,739)  $       (89,437) $      (413,818)  $       (51,664)
                                              ===============   ===============  ===============   ===============



Limited Partners' net income (loss)
   per unit                                   $          (.03)  $          (.01) $          (.07)  $          (.01)
                                              ===============   ===============  ===============   ===============
</TABLE>


                 See accompanying notes to financial statements.

                                        4


<PAGE>


                   SWIFT ENERGY PENSION PARTNERS 1993-B, LTD.
                            STATEMENTS OF CASH FLOWS
                                   (Unaudited)

<TABLE>
<CAPTION>
                                                                                           Six Months Ended
                                                                                               June 30,
                                                                               ----------------------------------------
                                                                                     1998                    1997
                                                                               ---------------          ---------------
<S>                                                                             <C>                     <C>             
CASH FLOWS FROM OPERATING ACTIVITIES:
    Income (loss)                                                               $     (413,818)         $       (51,664)
    Adjustments to reconcile income (loss) to
      net cash provided by operations:
      Amortization                                                                     465,296                  363,496
      Change in assets and liabilities:
        (Increase) decrease in nonoperating interests income receivable                153,039                   18,710
        Increase (decrease) in accounts payable                                         (8,632)                  (5,295)
                                                                               ---------------          ---------------
      Net cash provided by (used in) operating activities                              195,885                  325,247
                                                                               ---------------          ---------------
CASH FLOWS FROM INVESTING ACTIVITIES:
    Additions to nonoperating interests in oil and gas properties                      (70,878)                 (76,913)
    Proceeds from sales of nonoperating interests in oil and gas properties              4,244                       --
                                                                               ---------------          ---------------
      Net cash provided by (used in) investing activities                              (66,634)                 (76,913)
                                                                               ---------------          ---------------
CASH FLOWS FROM FINANCING ACTIVITIES:
    Cash distributions to partners                                                    (225,873)                (329,702)
                                                                               ---------------          ---------------
NET INCREASE (DECREASE) IN CASH AND CASH EQUIVALENTS                                   (96,622)                 (81,368)
                                                                               ---------------          ---------------
CASH AND CASH EQUIVALENTS AT BEGINNING OF PERIOD                                       206,862                  283,866
                                                                               ---------------          ---------------
CASH AND CASH EQUIVALENTS AT END OF PERIOD                                      $      110,240          $       202,498
                                                                               ===============          ===============
</TABLE>


                 See accompanying notes to financial statements.

                                        5


<PAGE>


                   SWIFT ENERGY PENSION PARTNERS 1993-B, 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,  1997  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 Pension  Partners  1993-B,  Ltd., a Texas limited
        partnership  ("the  Partnership"),  was formed on June 30, 1993, for the
        purpose of purchasing net profits interest, overriding royalty interests
        and  royalty  interests  (collectively,   "nonoperating  interests")  in
        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 576 Interest Holders made total capital
        contributions of $6,237,102.

                  Generally,   all  continuing  costs  (including   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. Certain reclassifications have been
        made to prior year amounts to conform to the current year presentation.

     Nonoperating Interests in Oil and Gas Properties --

                  The Partnership accounts for its ownership interest in oil and
         gas properties using the proportionate  consolidation  method,  whereby
         the Partnership's share of assets,  liabilities,  revenues and expenses
         is  included  in  the  appropriate   classification  in  the  financial
         statement.

                                       6

<PAGE>


                   SWIFT ENERGY PENSION PARTNERS 1993-B, LTD.
                    NOTES TO FINANCIAL STATEMENTS (CONTINUED)
                                   (UNAUDITED)


                  For financial reporting purposes,  the Partnership follows the
        "full-cost"  method of accounting for nonoperating  interests in oil and
        gas property costs. Under this method of accounting,  all costs incurred
        in the acquisition of  nonoperating  interests in oil and gas properties
        are capitalized.  The unamortized cost of nonoperating  interests in oil
        and gas properties is limited to the "ceiling  limitation",  (calculated
        separately for the partnership,  limited partner, and general partners).
        The  "ceiling  limitation"  is  calculated  on  a  quarterly  basis  and
        represents the estimated future net revenues from nonoperating interests
        in proved  properties  using current prices,  discounted at ten percent.
        Proceeds from the sale or disposition of  nonoperating  interests in oil
        and  gas  properties  are  treated  as a  reduction  of the  cost of the
        nonoperating  interests  with no gains or  losses  recognized  except in
        significant transactions.

                  The  Partnership  computes the provision for  amortization  of
        nonoperating    interests   in   oil   and   gas   properties   on   the
        units-of-production   method.   Under  this  method,  the  provision  is
        calculated by multiplying  the total  unamortized  cost of  nonoperating
        interests in oil and gas  properties  by an overall rate  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 attributable to
        the Partnership's nonoperating interests 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 -

                  The  Partnership  entered  into a Net Profits  and  Overriding
        Royalty  Interest  Agreement  ("NP/OR   Agreement")  with  Swift  Energy
        Operating Partners 1993-B, Ltd. ("Operating Partnership"), an affiliated
        partnership  managed  by Swift  for the  purpose  of  acquiring  working
        interests in producing  oil and gas  properties.  Under the terms of the
        NP/OR  Agreement,  the  Partnership  has been  conveyed  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
        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.

                  In the normal  course of  business,  the  Partnership  extends
         credit, primarily in the form of monthly oil and gas sales receivables,
         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 PENSION PARTNERS 1993-B, LTD.
                MANAGEMENT'S DISCUSSION AND ANALYSIS OF FINANCIAL
                       CONDITION AND RESULTS OF OPERATIONS

GENERAL

      The  Partnership  was formed for the purpose of investing in  nonoperating
interests 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
results of  operations.  When the  Partnership  was  formed,  it  commenced  its
"acquisition"  phase,  with all funds  placed in  short-term  investments  until
required for the acquisition of nonoperating interests.  Therefore, the interest
earned on these pre-acquisition investments becomes the primary cash flow source
for initial  partner  distributions.  As the Partnership  acquires  nonoperating
interests  in producing  properties,  net cash from  ownership  of  nonoperating
interests becomes available for distribution,  along with the investment income.
After all  partnership  funds have been  expended on  nonoperating  interests in
producing oil and gas properties, the Partnership enters its "operations" phase.
During  this  phase,  income from  nonoperating  interests  in oil and gas sales
generates  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 nonoperating interests in acquired oil
and gas properties,  when the sale of such interests is economically appropriate
or preferable to continued operations.

LIQUIDITY AND CAPITAL RESOURCES

      Oil and gas reserves are depleting  assets and therefore often  experience
significant  production  declines each year from the date of acquisition through
the end of the life of the  property.  The primary  source of  liquidity  to the
Partnership comes almost entirely from the income generated from the sale of oil
and gas produced from ownership  interests in oil and gas  properties.  Net cash
provided by  operating  activities  totaled  $195,885  and  $325,247 for the six
months ended June 30, 1998 and 1997, respectively.  This source of liquidity and
the related results of operations, and in turn cash distributions,  will decline
in  future  periods  as the oil and gas  produced  from  these  properties  also
declines while production and general and administrative costs remain relatively
stable making it unlikely that the  Partnership  will hold the properties  until
they are fully depleted,  but will likely liquidate when a substantial  majority
of the reserves  have been  produced.  The  Partnership  has expended all of the
partners' net commitments available for property acquisitions and development by
acquiring producing oil and gas properties. The partnership invests primarily in
proved  producing  properties with nominal levels of future costs of development
for  proven  but  undeveloped  reserves.  Significant  purchases  of  additional
reserves or extensive drilling activity are not anticipated.  Cash distributions
totaled  $225,873  and $329,702 for the six months ended June 30, 1998 and 1997,
respectively.

      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 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 June 30, 1998 (current  quarter) when compared
to the quarter  ended June 30,  1997  (corresponding  quarter),  and for the six
months ended June 30, 1998  (current  period),  when  compared to the six months
ended June 30, 1997 (corresponding period).

Three Months Ended June 30, 1998 and 1997

      Income  from  nonoperating  interests  decreased  49 percent in the second
quarter of 1998 when  compared  to the same  quarter in 1997.  Oil and gas sales
declined  $64,554 or 36 percent in the second  quarter of 1998 when  compared to
the  corresponding  quarter  in 1997,  primarily  due to  decreased  gas and oil
production.  Gas production  decreased 29 percent and oil production declined 34
percent.  The  decrease  in  production  volumes  had a  significant  impact  on
partnership  performance.  The partnership's  sale of several  properties in the
fourth  quarter of 1997 had an impact on 1998  partnership  production  volumes.
Also,  current  quarter  oil prices  declined 37 percent or  $6.16/BBL,  further
contributing to decreased  revenues.  Declines in revenues were partially offset
by an increase in gas prices of 25 percent or $.43/MCF  when  compared to second
quarter 1997 prices.

                                       8

<PAGE>


                   SWIFT ENERGY PENSION PARTNERS 1993-B, LTD.
                MANAGEMENT'S DISCUSSION AND ANALYSIS OF FINANCIAL
                 CONDITION AND RESULTS OF OPERATIONS (CONTINUED)


      Total  amortization  expense for the second  quarter of 1998  increased 19
percent or $36,308 when compared to the second quarter of 1997. Two  components,
the normal  provision,  calculated  on the units of production  method,  and the
additional  provision,  relating  to  the  ceiling  limitation,  make  up  total
amortization  expense.  Normal  amortization  expense  decreased  35  percent or
$34,963 in the second  quarter of 1998 when  compared  to the second  quarter of
1997, relating to the decrease in production volumes.

      The Partnership  recorded an additional  provision in amortization for the
second quarter in 1998 and 1997 of $163,876 and $92,605, respectively,  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 for oil and gas properties resulting
in a full cost ceiling impairment.

Six Months Ended June 30, 1998 and 1997

      Income from nonoperating  interests  decreased 73 percent in the first six
months  of 1998 when  compared  to the same  period  in 1997.  Oil and gas sales
declined $288,744 or 58 percent in the first six months of 1998 when compared to
the corresponding period in 1997, primarily due to decreased oil and gas prices.
A decline  in oil  prices of 41  percent  or  $7.48/BBL  and in gas prices of 22
percent or $.55/MCF, had a significant impact on partnership performance.  Also,
current  period  gas and oil  production  declined  45 percent  and 32  percent,
respectively,  when compared to the same period in 1997, further contributing to
decreased  revenues.  The partnership's sale of several properties in the fourth
quarter of 1997 had an impact on 1998 partnership production volumes.

      Total  amortization  expense for the first six months of 1998 increased 28
percent  or  $101,800  when  compared  to the  first  six  months  of 1997.  Two
components, the normal provision,  calculated on the units of production method,
and the additional provision,  relating to the ceiling limitation, make up total
amortization  expense.  Normal  amortization  expense  decreased  42  percent or
$91,803 in the first six months of 1998 when compared to the first six months of
1997, relating to the decrease in production volumes.

      The Partnership  recorded an additional  provision in amortization for the
first six months in 1998 and 1997 of  $338,184  and  $144,581  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 for oil and gas  properties  resulting in a full
cost ceiling impairment.

      During 1998,  partnership  revenues  and costs will be shared  between the
Interest Holders and general partners in an 85:15 ratio.

                                       9

<PAGE>


                   SWIFT ENERGY PENSION PARTNERS 1993-B, LTD.
                           PART II - OTHER INFORMATION




ITEM 5.    OTHER INFORMATION


                                     -NONE-




                                       10

<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 PENSION
                                       PARTNERS 1993-B, LTD.
                                       (Registrant)

                            By:        SWIFT ENERGY COMPANY
                                       Managing General Partner

Date:     August 4, 1998    By:        /s/ John R. Alden
          --------------               ---------------------------------
                                       John R. Alden
                                       Senior Vice President, Secretary
                                       and Principal Financial Officer

Date:     August 4, 1998    By:        /s/ Alton D. Heckaman, Jr.
          --------------               ---------------------------------
                                       Alton D. Heckaman, Jr.
                                       Vice President, Controller
                                       and Principal Accounting Officer


                                       11