<PAGE>   1
                                   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, 1996

                                       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: 33-37983-24



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


                  TEXAS                               76-0441892
        (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>   2


                   SWIFT ENERGY PENSION PARTNERS 1994-B, LTD.

                                     INDEX




PART I.    FINANCIAL INFORMATION                                           PAGE


      ITEM 1.    FINANCIAL STATEMENTS

            Balance Sheets

                - September 30, 1996 and December 31, 1995                  3

            Statements of Operations

                - Three month and nine month periods ended
                  September 30, 1996 and 1995                               4

            Statements of Cash Flows

                - Nine month periods ended September 30, 1996 and 1995      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


<PAGE>   3
                   SWIFT ENERGY PENSION PARTNERS 1994-B, LTD.

                                 BALANCE SHEETS



<TABLE>
<CAPTION>
                                                SEPTEMBER 30,  DECEMBER 31,
                                                   1996            1995
                                                ------------   -----------
                                                (Unaudited)

<S>                                             <C>            <C>        
ASSETS:

Current Assets:
     Cash and cash equivalents                  $      1,669   $     1,620
     Nonoperating interests income receivable         75,136        18,974
                                                ------------   -----------
          Total Current Assets                        76,805        20,594
                                                ------------   -----------
Nonoperating interests in oil and gas
     properties, using full cost account           3,662,493     3,654,093
Less-Accumulated amortization                     (1,349,177)   (1,147,034)
                                                ------------   -----------
                                                   2,313,316     2,507,059
                                                ------------   -----------
                                                $  2,390,121   $ 2,527,653
                                                ============   ===========

LIABILITIES AND PARTNERS' CAPITAL:

Current Liabilities:
     Payable related to property capital        $      5,173   $     7,311
                                                ------------   -----------

Partners' Capital                                  2,384,948     2,520,342
                                                ------------   -----------
                                                $  2,390,121   $ 2,527,653
                                                ============   ===========
</TABLE>

















                See accompanying notes to financial statements.

                                       3




<PAGE>   4

                   SWIFT ENERGY PENSION PARTNERS 1994-B, LTD.

                            STATEMENTS OF OPERATIONS
                                  (Unaudited)



<TABLE>
<CAPTION>
                                         Three Months Ended    Nine Months Ended
                                            September 30,         September 30,
                                        -------------------   --------------------
                                          1996      1996       1996        1995
                                        --------   --------   --------   ---------

<S>                                     <C>        <C>        <C>        <C>
REVENUES:
   Income from nonoperating interests   $140,700   $ 86,271   $414,577   $ 234,463
   Interest income                            20         23         49          45
                                        --------   --------   --------   ---------
                                         140,720     86,294    414,626     234,508
                                        --------   --------   --------   ---------

COSTS AND EXPENSES:
   Amortization                           61,995    111,800    202,143     282,785
   General and administrative             17,131     25,638     53,687      58,067
                                        --------   --------   --------   ---------
                                          79,126    137,438    255,830     340,852
                                        --------   --------   --------   ---------
NET INCOME (LOSS)                       $ 61,594   $(51,144)  $158,796   $(106,344)
                                        ========   ========   ========   =========



Limited Partners' net income (loss)
   per unit                             $    .02   $   (.01) $     .04   $    (.03)
                                        ========   ========  =========   =========
</TABLE>





















                See accompanying note to financial statements.

                                       4

<PAGE>   5
                   SWIFT ENERGY PENSION PARTNERS 1994-B, LTD.
                            STATEMENTS OF CASH FLOWS
                                  (Unaudited)

<TABLE>
<CAPTION>
                                                                        Nine Months Ended
                                                                          September 30,
                                                                     ----------------------
                                                                        1996        1995
                                                                     ---------    ---------

<S>                                                                  <C>          <C>       
CASH FLOWS FROM OPERATING ACTIVITIES:
    Income (Loss)                                                    $ 158,796    $(106,344)
    Adjustments to reconcile income (loss) to
      net cash provided by operations:
      Amortization                                                     202,143      282,785
      Change in assets and liabilities:
        (Increase) decrease in nonoperating interests income
          receivable                                                   (56,162)     142,022
        Increase (decrease) in accounts payable
          and accrued liabilities                                         --            157
                                                                     ---------    ---------
               Net cash provided by (used in) operating activities     304,777      318,620
                                                                     ---------    ---------
CASH FLOWS FROM INVESTING ACTIVITIES:
    Additions to nonoperaring interests in oil
      and gas properties                                               (45,486)     (77,753)
    Proceeds from sale of nonoperating interests
      in oil and gas properties                                         37,086        1,872
    Payable related to property capital costs                           (2,138)      89,617
                                                                     ---------    ---------
               Net cash provided by (used in) investing activities     (10,538)      13,736
                                                                     ---------    ---------
CASH FLOWS FROM FINANCING ACTIVITIES:
    Cash distributions to partners                                    (294,190)    (332,304)
                                                                     ---------    ---------
NET INCREASE (DECREASE) IN CASH AND CASH EQUIVALENTS                        49           52
                                                                     ---------    ---------
CASH AND CASH EQUIVALENTS AT BEGINNING OF PERIOD                         1,620        1,531
                                                                     ---------    ---------
CASH AND CASH EQUIVALENTS AT END OF PERIOD                           $   1,669    $   1,583
                                                                     =========    =========
Supplemental disclosure of cash flow information:
    Cash paid during the period for interest                         $     889    $     131
                                                                     =========    =========
</TABLE>










                See accompanying notes to financial statements.

                                       5

<PAGE>   6




                   SWIFT ENERGY PENSION PARTNERS 1994-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, 1995 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 1994-B, Ltd., a Texas limited
        partnership (the Partnership), was formed on June 30, 1994, 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 323 Interest Holders made total
        capital contributions of $3,535,809.

                  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.

      NONOPERATING INTERESTS IN OIL AND GAS PROPERTIES --

                  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 partners 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.



                                       6
<PAGE>   7


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


                  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 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 1994-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 Operating Partnership will convey to the
        Partnership nonoperating interests 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 Company'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>   8


                   SWIFT ENERGY PENSION PARTNERS 1994-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 with 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 Interest Holder 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

      The Partnership has expended all of the Interest Holders' commitments
available for property acquisitions by acquiring nonoperating interests in
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 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, 1996 (current quarter) when
compared to the quarter ended September 30, 1995 (corresponding quarter), and
for the nine months ended September 30, 1996 (current period), when compared to
the nine months ended September 30, 1995 (corresponding period).

Three Months Ended September 30,1 996 and 1995

      Income from nonoperating interests increased 63 percent in the current
quarter of 1996 when compared to the third quarter in 1995. Oil and gas sales
increased $10,187 or 6 percent in the current quarter of 1996 when compared to
the corresponding quarter in 1995, primarily due to increased gas and oil
prices. An increase in gas prices of 58 percent or $.92/MCF and in oil prices
of 42 percent or $6.00/BBL had a significant impact on partnership performance.
Also, current quarter oil and gas production decreased 38 percent and 19
percent, respectively, when compared to third quarter 1995 production volumes,
partially offsetting the effect of increased gas and oil prices.

      Associated amortization expense decreased 18 percent or $13,398.

      The Partnership recorded an additional provision in amortization in the
third quarter of 1995 for $36,407 when the present value, discounted at ten
percent, of estimated future net revenues from oil and gas properties based on
the prices in effect at the filing date, 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.



                                       8
<PAGE>   9

                   SWIFT ENERGY PENSION PARTNERS 1994-B, LTD.
               MANAGEMENT'S DISCUSSION AND ANALYSIS OF FINANCIAL
                CONDITION AND RESULTS OF OPERATIONS (CONTINUED)


Nine Months Ended September 30, 1996 and 1995

      Income from nonoperating interests increased 77 percent in the current
period of 1996 when compared to the corresponding period in 1995. Oil and gas
sales increased $54,080 or 10 percent in the first nine months of 1996 over the
corresponding period in 1995. An increase in gas prices of 61 percent or
$.90/MCF and in oil prices of 24 percent or $3.62/BBL were major contributing
factors to the increased revenues for the period. Also, current period oil
production decreased 31 percent when compared to the corresponding period in
1995, partially offsetting the effect of increased gas and oil prices.

      Associated amortization expense decreased 7 percent or $14,917.

      The Partnership recorded an additional provision in amortization in the
first nine months of 1995 for $65,725 when the present value, discounted at ten
percent, of estimated future net revenues from oil and gas properties based on
the prices in effect at the filing date, 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.

      During 1996, partnership revenues and costs will be shared between the
Interest Holders and general partners in an 85:15 ratio.



                                       9
<PAGE>   10


                   SWIFT ENERGY PENSION PARTNERS 1994-B, LTD.
                          PART II - OTHER INFORMATION




ITEM 5.    OTHER INFORMATION


                                     -NONE-





                                      10
<PAGE>   11


                                   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 1994-B, LTD.
                                               (Registrant)

                                           By: SWIFT ENERGY COMPANY
                                               Managing General Partner



Date:  November 6, 1996                    By: /s/ John R. Alden
     ---------------------------               --------------------------------
                                               John R. Alden
                                               Senior Vice President, Secretary
                                               and Principal Financial Officer

Date:  November 6, 1996                    By: /s/ Alton D. Heckaman, Jr.
     ----------------------------              --------------------------------
                                               Alton D. Heckaman, Jr.
                                               Vice President, Controller
                                               and Principal Accounting Officer





                                      11

<PAGE>   12
                              INDEX TO EXHIBITS



<TABLE>
<CAPTION>
EXHIBIT
NUMBER                   DESCRIPTION
-------                  -----------
<S>           <C>
  27          -  Financial Data Schedule

</TABLE>