<Page>
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                                 UNITED STATES
                       SECURITIES AND EXCHANGE COMMISSION
                             WASHINGTON, D.C. 20549

                            ------------------------

                                   FORM 10-Q

<Table>
<C>    <S>
 /X/   QUARTERLY REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE
       SECURITIES EXCHANGE ACT OF 1934

         FOR THE QUARTERLY PERIOD ENDED SEPTEMBER 30, 2001

                                OR

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

                  COMMISSION FILE NUMBER 1-11450
</Table>

                            ------------------------

                             SANTA FE ENERGY TRUST

             (Exact name of registrant as specified in its charter)

<Table>
<S>                                            <C>
                 TEXAS                                      76-6081498
    (State or other Jurisdiction of            (I.R.S. Employer Identification No.)
    Incorporation or Organization)

                                JPMORGAN CHASE BANK
                           INSTITUTIONAL TRUST SERVICES
                              600 TRAVIS, SUITE 1150
                               HOUSTON, TEXAS 77002
                (Address of Principal Offices, Including Zip Code)
</Table>

       REGISTRANT'S TELEPHONE NUMBER, INCLUDING AREA CODE (713) 216-5087

                                      NONE
         (Former name or former address, 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 / /

          Depository Units outstanding at October 31, 2001--6,300,000

--------------------------------------------------------------------------------
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<Page>
                         PART I--FINANCIAL INFORMATION

ITEM 1. FINANCIAL STATEMENTS.

                             SANTA FE ENERGY TRUST
         STATEMENT OF CASH PROCEEDS AND DISTRIBUTABLE CASH (UNAUDITED)
                      (IN THOUSANDS, EXCEPT PER UNIT DATA)

<Table>
<Caption>
                                                      THREE MONTHS ENDED     NINE MONTHS ENDED
                                                         SEPTEMBER 30,         SEPTEMBER 30,
                                                      -------------------   -------------------
                                                        2001       2000       2001       2000
                                                      --------   --------   --------   --------
<S>                                                   <C>        <C>        <C>        <C>
Royalty income
  ODC royalty.......................................  $  1,355   $  1,642   $  4,668   $  4,805
  Willard royalty...................................       403        565      1,486      1,711
  Net profits royalty...............................     2,080      1,782      7,084      5,243
  Support recoupment................................        --         --         --       (274)
                                                      --------   --------   --------   --------
Total royalties.....................................     3,838      3,989     13,238     11,485
Administrative fee to Devon Energy Corporation......       (67)       (64)      (197)      (189)
Cash withheld for trust expenses....................      (125)       (50)      (225)      (225)
                                                      --------   --------   --------   --------
Distributable cash..................................  $  3,646   $  3,875   $ 12,816   $ 11,071
                                                      ========   ========   ========   ========
Distributable cash per trust unit...................  $0.57869   $0.61512   $2.03433   $1.75735
                                                      ========   ========   ========   ========
Trust units outstanding.............................     6,300      6,300      6,300      6,300
                                                      ========   ========   ========   ========
</Table>

               STATEMENT OF ASSETS, LIABILITIES AND TRUST CORPUS
                        (IN THOUSANDS, EXCEPT UNIT DATA)

<Table>
<Caption>
                                                              SEPTEMBER 30,   DECEMBER 31,
                                                                  2001            2000
                                                              -------------   ------------
                                                               (UNAUDITED)
<S>                                                           <C>             <C>
                           ASSETS
Current assets--cash........................................    $     43        $     36
                                                                --------        --------
Investment in royalty interests, at cost....................      87,276          87,276
Less: accumulated amortization..............................     (68,809)        (66,219)
                                                                --------        --------
                                                                  18,467          21,057
                                                                --------        --------
Total assets................................................    $ 18,510        $ 21,093
                                                                ========        ========
                        LIABILITIES
Current liabilities--advance from Devon Energy
  Corporation...............................................          50              --
                                                                --------        --------
                        TRUST CORPUS
Trust corpus, 6,300,000 trust units issued and
  outstanding...............................................    $ 18,460        $ 21,093
                                                                --------        --------
Total liabilities and trust corpus..........................    $ 18,510        $ 21,093
                                                                ========        ========
</Table>

    The accompanying notes are an integral part of the financial statements.

                                       2
<Page>
                             SANTA FE ENERGY TRUST
                STATEMENT OF CHANGES IN TRUST CORPUS (UNAUDITED)
                                 (IN THOUSANDS)

<Table>
<S>                                                           <C>
Balance at December 31, 1999................................  $26,446
  Cash proceeds.............................................   11,296
  Cash distributions........................................  (11,071)
  Trust expenses............................................     (268)
  Amortization of royalty interests.........................   (4,011)
                                                              -------
Balance at September 30, 2000...............................  $22,392
                                                              =======
Balance at December 31, 2000................................  $21,093
  Cash proceeds.............................................   13,041
  Cash distributions........................................  (12,816)
  Trust expenses............................................     (268)
  Amortization of royalty interests.........................   (2,590)
                                                              -------
Balance at September 30, 2001...............................   18,460
                                                              =======
</Table>

    The accompanying notes are an integral part of the financial statements.

                                       3
<Page>
                             SANTA FE ENERGY TRUST

                   NOTES TO FINANCIAL STATEMENTS (UNAUDITED)

NOTE 1. THE TRUST

    The financial statements at September 30, 2001 and for the three-month and
nine-month periods then ended are unaudited and reflect all adjustments
(consisting of only normal and recurring adjustments) which are, in the opinion
of Devon Energy Corporation, necessary for a fair presentation of the financial
position and cash proceeds and distributable cash of the Santa Fe Energy Trust
for the interim periods.

    Santa Fe Energy Trust (the "Trust") was formed on October 22, 1992, with
JPMorgan Chase Bank, formerly The Chase Manhattan Bank, successor by merger to,
Chase Bank of Texas, National Association, formerly Texas Commerce Bank,
National Association, as trustee (the "Trustee"), to acquire and hold certain
royalty interests (the "Royalty Interests") in certain properties (the "Royalty
Properties") conveyed to the Trust by Devon SFS Operating, Inc. ("Devon"),
formerly known as Santa Fe Snyder Corporation, formerly Santa Fe Energy
Resources, Inc. The Royalty Interests consist of two term royalty interests in
two production units in the Wasson field in west Texas (the "Wasson Royalties")
and a net profits royalty interest in certain royalty and working interests in a
diversified portfolio of properties located in twelve states (the "Net Profits
Royalties"). The Royalty Interests are passive in nature and the Trustee has no
control over or responsibility relating to the operation of the Royalty
Properties. The Trust will be liquidated on February 15, 2008 (the "Liquidation
Date").

    In November 1992, 5,725,000 Depository Units, each consisting of beneficial
ownership of one unit of undivided beneficial interest in the Trust ("Trust
Units") and a $20 face amount beneficial ownership interest in a $1,000 face
amount zero coupon United States Treasury obligation maturing on or about
February 15, 2008, were sold in a public offering for $20 per Depository Unit. A
total of $114.5 million was received from public investors, of which $38.7
million was used to purchase the Treasury obligations and $5.7 million was used
to pay underwriting commissions and discounts. Devon received the remaining
$70.1 million and 575,000 Depository Units. In the first quarter of 1994, Devon
sold, in a public offering the 575,000 Depository Units which it held.

    The trust agreement under which the Trust was formed (the "Trust Agreement")
provides, among other things, that:

    - the Trustee shall not engage in any business or commercial activity or
      acquire any asset other than the Royalty Interests initially conveyed to
      the Trust;

    - the Trustee may not sell all or any portion of the Wasson Royalties or
      substantially all of the Net Profits Royalties without the prior consent
      of Devon;

    - Devon may sell the Royalty Properties, subject to and burdened by the
      Royalty Interests, without consent of the holders of the Trust Units;
      following any such transfer, the Royalty Properties will continue to be
      burdened by the Royalty Interests and after any such transfer the royalty
      payment attributable to the transferred property will be calculated
      separately and paid by the transferee;

                                       4
<Page>
                             SANTA FE ENERGY TRUST

             NOTES TO FINANCIAL STATEMENTS (UNAUDITED) (CONTINUED)

    - the Trustee may establish a cash reserve for the payment of any liability
      which is contingent, uncertain in amount or that is not currently due and
      payable;

    - the Trustee is authorized to borrow funds required to pay liabilities of
      the Trust, provided that such borrowings are repaid in full prior to
      further distributions to the holders of the Trust Units;

    - the Trustee will make quarterly cash distributions to the holders of the
      Trust Units.

NOTE 2. BASIS OF ACCOUNTING

    The financial statements of the Trust are prepared on the cash basis of
accounting for revenues and expenses. Royalty income is recorded when received
(generally during the quarter following the end of the quarter in which the
income from the Royalty Properties is received by Devon) and is net of any cash
basis exploration and development expenditures and amounts reserved for any
future exploration and development costs. Expenses of the Trust, which will
include accounting, engineering, legal, and other professional fees, Trustee
fees, an administrative fee paid to Devon and out-of-pocket expenses, are
recognized when paid. Under accounting principles generally accepted in the
United States of America, revenues and expenses would be recognized on an
accrual basis. Amortization of the Trust's investment in Royalty Interests is
recorded using the unit-of-production method in the period in which the cash is
received with respect to such production.

    The conveyance of the Royalty Interests to the Trust was accounted for as a
purchase transaction. The $87,276,000 reflected in the Statement of Assets and
Trust Corpus as Investment in Royalty Interests represents 6,300,000 Trust Units
valued at $20 per unit less the $38,724,000 paid for the Treasury obligations.
The carrying value of the Trust's investment in the Royalty Interests is not
necessarily indicative of the fair value of such Royalty Interests.

    The Trust is a grantor trust and as such is not subject to income taxes and
accordingly no recognition has been given to income taxes in the Trust's
financial statements. The tax consequences of owning Trust Units are included in
the income tax returns of the individual Trust Unit holders.

    The preparation of the Trust's financial statements requires the use of
certain estimates. Actual results may differ from such estimates.

NOTE 3. THE ROYALTY INTERESTS

    The Wasson Royalties consist of interests conveyed out of Devon's royalty
interest in the Wasson ODC Unit (the "ODC Royalty") and the Wasson Willard Unit
(the "Willard Royalty"). The ODC Royalty entitles the Trust to receive quarterly
royalty payments with respect to 12.3934% of the actual gross oil production
from the Wasson ODC Unit, subject to certain quarterly limitations set forth in
the conveyance agreement, for the period from November 1, 1992 to December 31,
2007. The Willard Royalty entitles the Trust to receive quarterly royalty
payments with respect to 6.8355% of the actual gross oil production from the
Wasson Willard Unit, subject to certain quarterly limitations set forth in the
conveyance agreement, for the period from November 1, 1992 to December 31, 2003.

                                       5
<Page>
                             SANTA FE ENERGY TRUST

             NOTES TO FINANCIAL STATEMENTS (UNAUDITED) (CONTINUED)

    The Net Profits Royalties entitle the Trust to receive, on a quarterly
basis, 90% of the net proceeds, as defined in the conveyance agreement, from the
sale of production from the properties subject to the conveyance agreement. The
Net Profits Royalties are not limited in term, although the Trustee is required
to sell such royalties prior to the Liquidation Date.

    For any calendar quarter ending on or prior to December 31, 2002, the Trust
will receive additional royalty payments ("Support Payments") to the extent it
needs such payments to distribute $0.38 per Trust Unit per quarter ("Minimum
Quarterly Royalty"). On August 28, 2001 and as required by the Trust Agreement,
the Trust released its Net Profits Royalty interest in certain Net Profits
Properties in connection with the sale by Devon of these properties. The Trust
will receive 90% of the net proceeds from this sale in the fourth quarter 2001
distribution. As a result of this sale and the sale of certain Net Profits
Properties in 1999, there was a proportionate reduction of the Minimum Quarterly
Royalty from $0.40 per Depositary Unit to $0.38 per Depositary Unit and a
proportionate reduction of the Aggregate Support Payment Limitation Amount from
$20.0 million to $18.9 million. Such Support Payments are limited to Devon's
remaining royalty interest in the Wasson ODC Unit. If such Support Payments are
received, certain proceeds otherwise payable to the Trust in subsequent quarters
may be reduced to recoup the amount of such Support Payments. The aggregate of
the Support Payments, net of any amounts recouped (Aggregate Support Payment
Limitation Amount), is limited to $18.9 million on a revolving basis. From
inception, the Trust has received Support Payments totalling $4.2 million. Devon
has recouped all of such payments.

NOTE 4. DISTRIBUTION TO TRUST UNIT HOLDERS

    The Trust has received royalty payments net of administrative fees paid to
Devon and made distributions as follows:

<Table>
<Caption>
                                                     ROYALTY              DISTRIBUTIONS
                                                     PAYMENT        -------------------------
                                                     RECEIVED        AMOUNT    PER TRUST UNIT
                                                     --------       --------   --------------
                                                       (IN THOUSANDS, EXCEPT PER UNIT DATA)
<S>                                                  <C>            <C>        <C>
2000
  First quarter....................................  $ 3,462(a)     $ 3,362       $0.53363
  Second quarter...................................    3,909          3,834        0.60860
  Third quarter....................................    3,925          3,875        0.61512
  Fourth quarter...................................    4,681          4,631        0.73509
                                                     -------        -------       --------
                                                      15,977         15,702        2.49244
                                                     =======        =======       ========
2001
  First quarter....................................  $ 4,476        $ 4,426       $0.70255
  Second quarter...................................    4,794          4,744        0.75309
  Third quarter....................................    3,771          3,646        0.57869
</Table>

------------------------

(a) Reduced by recoupment of Support Payment of $274,000, or $0.04346 per Trust
    Unit.

                                       6
<Page>
ITEM 2. MANAGEMENT'S DISCUSSION AND ANALYSIS OF FINANCIAL CONDITION AND RESULTS
  OF OPERATIONS

GENERAL; LIQUIDITY AND CAPITAL RESOURCES

    Santa Fe Energy Trust (the "Trust") was formed on October 22, 1992 with
JPMorgan Chase Bank, formerly The Chase Manhattan Bank, successor by merger to,
Chase Bank of Texas, National Association, formerly Texas Commerce Bank,
National Association as trustee (the "Trustee"), to acquire and hold certain
royalty interests (the "Royalty Interests") in certain properties (the "Royalty
Properties") conveyed to the Trust by Devon SFS Operating, Inc. ("Devon"),
formerly known as Santa Fe Snyder Corporation, formerly Santa Fe Energy
Resources, Inc. The Trust is a passive entity with the Trustee's primary
responsibility being the collection and distribution of proceeds from the
Royalty Interests and the payment of Trust liabilities and expenses (see Note 1
to the interim financial statements of the Trust). The Royalty Interests consist
of two term royalty interests in two production units (the Wasson ODC Unit and
the Wasson Willard Unit) in the Wasson field in west Texas (the "Wasson
Royalties") and a net profits royalty interest (the "Net Profits Royalties") in
certain royalty and working interest properties in a diversified portfolio of
properties located predominantly in Texas, Louisiana and Oklahoma (the "Net
Profits Properties"). Under the terms of the Trust Agreement, the Trustee cannot
engage in any other business or commercial activity or acquire any asset other
than the Royalty Interests initially conveyed to the Trust. Therefore, the
Royalty Interests are the sole source of funds for the Trust from which to pay
expenses and liabilities and make distributions to the holders of the Trust
Units. The Trust will be liquidated on or before February 15, 2008 (the
"Liquidation Date").

    The Wasson Royalties are fixed percentage royalty interests in specified
levels of quarterly maximum production from the underlying properties in each
year during the term of the respective royalty. The Wasson ODC Royalty and the
Wasson Willard Royalty terminate on December 31, 2007 and December 31, 2003,
respectively. The Net Profits Royalties are life-of-property interests which
will be sold by the Trust prior to the Liquidation Date. The Net Profits
Royalties entitle the Trust to receive 90% of the net proceeds (after deducting,
among other things, the costs of production and marketing and capital
expenditures) from the sale of production from the Net Profits Properties. The
Net Profits Properties are generally mature producing oil and gas properties and
the production and reserves attributable to such properties are expected to
decline substantially over the life of the Trust. The Net Profits Royalties are
expected to have a relatively small liquidation value at the Liquidation Date.

    For any calendar quarter ending on or prior to December 31, 2002, the Trust
will receive additional royalty payments ("Support Payments") to the extent it
needs such payments to distribute $0.38 per Trust Unit per quarter. On
August 28, 2001 and as required by the Trust Agreement, the Trust released its
Net Profits Royalty interest in certain Net Profits Properties in connection
with the sale by Devon of these properties. The Trust will receive 90% of the
net proceeds from this sale, approximately $1.6 million, in the fourth quarter
2001 distribution. As a result of this sale and the sale of certain Net Profits
Properties in 1999, there was a proportionate reduction of the Minimum Quarterly
Royalty from $0.40 per Depositary Unit to $0.38 per Depositary Unit, a
proportionate reduction of the Aggregate Support Payment Limitation Amount from
$20.0 million to $18.9 million and a reduction in the distribution per
Depositary Unit over which Devon is entitled to recoup Support Payments from
$0.45 per Depositary Unit to $0.43 per Depositary Unit. Such Support Payments
are limited to Devon's remaining royalty interest in the Wasson ODC Unit. If
Support Payments are received, certain proceeds otherwise payable to the Trust
in subsequent quarters may be reduced to recoup the amount of such Support
Payments. The aggregate amount of Support Payments, net of any amounts recouped,
is limited to $18.9 million on a revolving basis. From inception, Support
Payments

                                       7
<Page>
received by the Trust totaled $4.2 million. Devon has recouped all of such
Support Payments. Future recoupments will be made only to the extent of future
Support Payments. Depending on factors such as sales prices and volumes and the
level of operating costs and capital expenditures, Support Payments may be
required in subsequent quarters to allow the Trust to make distributions of
$0.38 per Trust Unit per quarter.

    Trust expenses include accounting, engineering, legal and other professional
fees, Trustee fees, an administrative fee paid to Devon and other out-of-pocket
expenses. From time to time Devon may, at its sole discretion and without any
obligation to do so, advance funds to the Trust for the timely payment of such
expenses and receive reimbursement therefor in later periods. In addition, the
Trustee is authorized to borrow funds required to pay liabilities of the Trust,
provided that such borrowings are repaid in full prior to making further
distributions to the holders of the Trust Units. As of September 30, 2001, Devon
had advanced $50,000 to the Trust. This advance will be recouped from the next
distribution.

    Since, on an equivalent basis, the majority of the Trust's proved reserves
are crude oil, even relatively modest changes in crude oil prices may
significantly affect the Trust's revenues and results of operations. Crude oil
prices are subject to significant changes in response to fluctuations in the
domestic and world supply and demand and other market conditions as well as the
world political situation as it affects OPEC and other producing countries. In
addition, a substantial portion of the Trust's revenues come from properties
which produce sour (i.e., high sulfur content) crude oil which sells at prices
lower than sweeter (i.e., low sulfur content) crude oils. The Trust's weighted
average crude oil sales price (excluding the effect of Support Payments and
recoupments) for the third quarter of 2001 was $25.00 per barrel compared with
$26.01 per barrel for the same period in 2000 (see Results of Operations). Crude
oil prices with respect to the Trust's results in the fourth quarter of 2001
averaged $23.98 per barrel on the Royalty Properties. The Trust's weighted
average crude oil sales price (excluding the effect of Support Payments and
recoupments) for the first nine months of 2001 was $27.46 per barrel compared
with $24.25 per barrel for the same period of 2000 (see Results of Operations).

    Natural gas prices fluctuate due to weather conditions, the level of natural
gas in storage, the relative balance between supply and demand and other
economic factors. The Trust's weighted average price for natural gas in the
third quarter of 2001 was $5.25 per Mcf compared with $2.46 per Mcf received in
the third quarter of 2000. Natural gas prices with respect to the Trust's
results in the fourth quarter of 2001 averaged $4.37 per Mcf on the Royalty
Properties. The Trust's weighted average price for natural gas in the first nine
months of 2001 was $5.18 per Mcf compared to $2.45 per Mcf for the same period
of 2000.

RESULTS OF OPERATIONS

    The Trust's results of operations are dependent upon the sales prices and
quantities of oil and gas produced from the Royalty Properties, the costs of
producing such resources and the amount of capital expenditures made with
respect to such properties.

    Royalty income is recorded by the Trust when received, generally during the
quarter following the end of the quarter in which revenues are received and
costs and expenses are paid by Devon. Cash proceeds from the Royalty Properties
may fluctuate from quarter to quarter due to the timing of receipts and payment
of revenues and costs and expenses as well as changes in prices and production
volumes. The following table reflects pertinent information with respect to the
cash proceeds from the

                                       8
<Page>
Royalty Properties and the net distributable cash of the Trust. The information
presented with respect to the fourth quarter of 2001 reflects revenues received
and costs and expenses paid by Devon in the third quarter of 2001. On
November 30, 2001, the Trust will make a cash distribution of $5.6 million, or
$0.88981 per Trust Unit, to unitholders of record on November 15, 2001.

<Table>
<Caption>
                                                  THREE MONTHS ENDED       NINE MONTHS ENDED
                                                     SEPTEMBER 30,           SEPTEMBER 30,         FOURTH
                                                  -------------------   -----------------------   QUARTER
                                                    2001       2000        2001         2000        2001
                                                  --------   --------   ----------   ----------   --------
<S>                                               <C>        <C>        <C>          <C>          <C>
VOLUMES AND PRICES
  Oil volumes (Bbls):
    Wasson ODC royalty..........................    62,500     64,700      189,700      198,900     62,500
    Wasson Willard royalty......................    18,300     22,100       58,700       70,900     18,300
    Net profits royalties.......................    25,999     58,788      110,746      179,033     47,710
  Gas volumes (Mcf):
    Net profits royalties.......................   410,444    456,724    1,272,524    1,409,943    422,583
  Oil average prices ($/Bbl):
    Wasson ODC royalty..........................  $  23.56   $  27.03   $    26.36   $    25.85   $  24.89
    Wasson Willard royalty......................     23.55      26.93        26.80        25.67      24.39
    Net profits royalty.........................     29.48      24.55        29.70        21.92      21.63
  Gas average prices ($/Mcf):
    Net profits royalties.......................      5.25       2.46         5.18         2.45       4.37
CASH PROCEEDS AND DISTRIBUTABLE CASH (IN
  THOUSANDS, EXCEPT PER UNIT DATA)
  Wasson ODC royalty:
    Sales.......................................  $  1,472   $  1,749   $    5,001   $    5,142   $  1,555
    Operating expenses..........................      (117)      (107)        (333)        (337)      (131)
                                                  --------   --------   ----------   ----------   --------
                                                     1,355      1,642        4,668        4,805      1,424
                                                  --------   --------   ----------   ----------   --------
  Wasson Willard royalty:
    Sales.......................................       431        595        1,573        1,819        447
    Operating expenses..........................       (28)       (30)         (87)        (108)       (33)
                                                  --------   --------   ----------   ----------   --------
                                                       403        565        1,486        1,711        414
                                                  --------   --------   ----------   ----------   --------
  Net profits royalty:
    Sales.......................................     2,927      2,568        9,888        7,379      2,925
    Proceeds from the sale of property..........        --         --           --           --      1,640
    Operating expenses..........................      (722)      (613)      (2,377)      (1,683)      (523)
    Capital expenditures........................      (125)      (173)        (427)        (453)      (107)
                                                  --------   --------   ----------   ----------   --------
                                                     2,080      1,782        7,084        5,243      3,935
                                                  --------   --------   ----------   ----------   --------
Support recoupment..............................        --         --           --         (274)        --
                                                  --------   --------   ----------   ----------   --------
  Total royalties...............................     3,838      3,989       13,238       11,485      5,773
  Administrative fee to Devon...................       (67)       (64)        (197)        (189)       (67)
                                                  --------   --------   ----------   ----------   --------
  Payment received..............................     3,771      3,925       13,041       11,296      5,706
  Cash withheld for trust expenses..............      (125)       (50)        (225)        (225)      (100)
                                                  --------   --------   ----------   ----------   --------
  Distributable cash............................  $  3,646   $  3,875   $   12,816   $   11,071   $  5,606
                                                  ========   ========   ==========   ==========   ========
  Distributable cash per unit...................  $0.57869   $0.61512   $  2.03433   $  1.75735   $0.88981
                                                  ========   ========   ==========   ==========   ========
</Table>

    Sales decreased $0.1 million from the third quarter of 2000 to the third
quarter of 2001. Sales increased $1.0 million due to a $2.79 per Mcf increase in
the average gas price from the third quarter of 2000 to the third quarter of
2001 net of a $1.01 per barrel decrease in the average price of oil from

                                       9
<Page>
$26.01 per barrel in the 2000 quarter to $25.00 per barrel in the 2001 quarter.
A decrease in third quarter 2001's production of approximately 46,500 barrels of
oil equivalent caused sales to decrease by $1.1 million. This reduction was
primarily the result of the timing of payments received on oil and gas
production from the Net Profits Properties and declines in the Wasson Royalties
oil production.

    Sales increased $2.1 million from the first nine months of 2000 to the first
nine months of 2001. Sales increased $4.6 million due to a $3.21 per barrel
increase in the average price of oil from $24.25 per barrel in the first nine
months of 2000 to $27.46 per barrel in the first nine months of 2001 and due to
a $2.73 per Mcf increase in the average gas price during the same period. A
decrease in production during the first nine months of 2001 of approximately
112,600 barrels of oil equivalent caused sales to decrease by $2.5 million. This
reduction was primarily the result of the timing of payments received on oil and
gas production from the Net Profits Properties and declines in the Wasson
Royalties oil production.

    Sales increased $0.1 million from the third quarter of 2001 to the fourth
quarter of 2001. Sales decreased $0.5 million due to a $1.02 per barrel decrease
in the average price of oil from $25.00 per barrel in the third quarter of 2001
to $23.98 per barrel in the fourth quarter of 2001 and due to a $0.88 per Mcf
decrease in the average gas price during the same period. An increase in fourth
quarter 2001's production of approximately 23,700 barrels of oil equivalent
caused sales to increase by $0.6 million. This increase was primarily the result
of the timing of payments received on oil and gas production from the Net
Profits Properties.

    Depending on factors such as sales prices and volumes and level of operating
costs and capital expenditures, Support Payments may be required in subsequent
quarters to allow the Trust to make a distribution of $0.38 per Trust Unit per
quarter. (see--General; Liquidity and Capital Resources).

    Operating expenses increased $0.1 million from the third quarter of 2000 to
the third quarter of 2001. Operating expenses increased $0.7 million from the
first nine months of 2000 to the first nine months of 2001. These increases were
primarily related to timing of payments and an increase in production taxes as a
result of the increase in oil and gas revenues.

    Operating expenses decreased $0.2 million from the third quarter of 2001 to
the fourth quarter of 2001. This decrease was primarily related to timing of
payments. Operating expenses may fluctuate from quarter to quarter due to the
timing of payments.

    Proceeds from the Net Profits Royalties are net of capital expenditures with
respect to the development of the Net Profits Properties. Capital expenditures
in the Trust's third quarter and first nine months of 2001 totaled $125,000 and
$427,000, respectively. Capital expenditures for the fourth quarter of 2001
total $107,000.

FORWARD LOOKING STATEMENTS

    Management's Discussion and Analysis of Financial Condition and Results of
Operations includes certain statements (other than statements of historical
fact) that constitute forward-looking statements within the meaning of Section
27A of the Securities Act of 1933 and Section 21E of the Securities Exchange Act
of 1934. When used herein, the words "anticipates," "expects," "believes,"
"seeks," "goals," "intends" or "projects" and similar expressions are intended
to identify forward-looking statements. It is important to note that actual
results could differ materially from those projected by such forward-looking
statements. Although it is believed that the expectations reflected in such
forward-looking statements are reasonable and such forward-looking statements
are based upon the

                                       10
<Page>
best data available at the time this report is filed with the Securities and
Exchange Commission, no assurance can be given that such expectations will prove
correct. Factors that could cause results to differ materially from the results
discussed in such forward-looking statements include, but are not limited to,
the following: production variances from expectations, volatility of oil and gas
prices, the need to develop and replace reserves, the capital expenditures
required to fund operations, environmental risks, uncertainties about estimates
of reserves, competition and government regulation, and political and litigation
risks. All such forward-looking statements in this document are expressly
qualified in their entirety by the cautionary statements in this paragraph.

ITEM 3. QUANTITATIVE AND QUALITATIVE DISCLOSURES ABOUT MARKET RISK

DISCLOSURES ABOUT MARKET RISK

    Production attributable to Devon's royalty interest in the Wasson ODC Unit
and the Wasson Willard Unit is marketed by Devon and is in some cases sold at
the wellhead at market responsive prices and in other cases is traded at points
within common carrier pipeline systems.

    With regard to the Net Profits Properties, where such properties consist of
royalty interests, the operators of the properties will make all decisions
regarding the marketing and sale of oil and gas production. The ability of the
operators to market the oil and gas produced from the Royalty Properties depends
upon numerous factors beyond their control, including the proximity of the gas
production to gas pipelines, the availability of capacity in such pipelines,
state and Federal regulation of oil and gas production and Federal regulation of
gas sold or transported in interstate commerce. There is no assurance that such
operators will be able to market all of the oil or gas produced from the Royalty
Properties or that favorable prices will be obtained for the oil and gas
produced.

                                       11
<Page>
                                    PART II
                               OTHER INFORMATION

ITEMS 1, 2, 3, 4 & 5 ARE NOT APPLICABLE AND HAVE BEEN OMITTED.

ITEM 6. EXHIBITS AND REPORTS ON FORM 8-K.

(a) Exhibits

<Table>
<Caption>
                                                                   SEC FILE OR
                                                                   REGISTRATION   EXHIBIT
                                                                      NUMBER       NUMBER
                                                                   ------------   --------
<C>     <S>                                                        <C>            <C>
 3(a)*  Form of Trust Agreement of Santa Fe Energy Trust.........     33-51760       3.1
 4(a)*  Form of Custodial Deposit Agreement......................     33-51760       4.2
 4(b)*  Form of Secure Principal Energy Receipt (included as          33-51760       4.1
          Exhibit A to Exhibit 4(a)).............................
10(a)*  Form of Net Profits Conveyance (Multi-State).............     33-51760      10.1
10(b)*  Form of Wasson Conveyance................................     33-51760      10.2
10(c)*  Form of Louisiana Mortgage...............................     33-51760      10.3
        (*) Indicates exhibit filed incorporated herein by
          reference
</Table>

(b) Reports on Form 8-K
    None

                                       12
<Page>
                                   SIGNATURE

    Pursuant to the requirements Section 13 or 15 (d) of the Securities Exchange
Act 1934, the Registrant has duly caused this report to be signed on its behalf
by the undersigned, thereunto duly authorized, on the 14th day of November,
2001.

<Table>
<S>                                                    <C>  <C>
                                                       SANTA FE ENERGY TRUST
                                                       (REGISTRANT)

                                                       By   JPMORGANCHASE BANK, TRUSTEE

                                                       By                /s/ PETE FOSTER
                                                            -----------------------------------------
                                                                           Pete Foster
                                                              SENIOR VICE PRESIDENT & TRUST OFFICER
</Table>

Date: November 14, 2001

    The Registrant, Santa Fe Energy Trust, has no principal executive officer,
principal financial officer, controller or principal accounting officer, board
of directors or persons performing similar functions. Accordingly, no additional
signatures are available and none have been provided.

                                       13