<PAGE>

                                    FORM 10-Q



                       SECURITIES AND EXCHANGE COMMISSION

                             Washington, D.C. 20549


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

                  For the quarterly period ended March 31, 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: 0-21610


                  SWIFT ENERGY OPERATING PARTNERS 1992-B, LTD.
             (Exact name of registrant as specified in its charter)

<TABLE>
<S>                                          <C>
                  Texas                                  76-6078395
(State or other jurisdiction of organization)(I.R.S. Employer Identification No.)
</TABLE>

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

                                  (281)874-2700
              (Registrant's telephone number, including area code)

                                      None
              (Former name, former address and former fiscal year,
                          if changed since last report)


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

Yes  X      No
   ----       ----




<PAGE>


                  SWIFT ENERGY OPERATING PARTNERS 1992-B, LTD.

                                      INDEX



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

            Balance Sheets

                - March 31, 1998 and December 31, 1997                  3

            Statements of Operations

                - Three month periods ended March 31, 1998 and 1997     4

            Statements of Cash Flows

                - Three month periods ended March 31, 1998 and 1997     5

            Notes to Financial Statements                               6

      ITEM 2.    Management's Discussion and Analysis of Financial
                     Condition and Results of Operations                9

PART II.    OTHER INFORMATION                                          10


SIGNATURES                                                             11
</TABLE>

<PAGE>

                  SWIFT ENERGY OPERATING PARTNERS 1992-B, LTD.
                                 BALANCE SHEETS



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

         Current Assets:
              Cash and cash equivalents                                                $      163,257       $      255,689
              Oil and gas sales receivable                                                    601,066              473,174
              Other                                                                            15,202               11,988
                                                                                       --------------       --------------
                   Total Current Assets                                                       779,525              740,851
                                                                                       --------------       --------------

         Gas Imbalance Receivable                                                             369,116              369,116
                                                                                       --------------       --------------

         Oil and Gas Properties, using full cost
              accounting                                                                    9,211,576            9,403,428
         Less-Accumulated depreciation, depletion
              and amortization                                                             (7,390,967)          (7,307,479)
                                                                                       --------------       --------------
                                                                                            1,820,609            2,095,949
                                                                                       --------------       --------------
                                                                                       $    2,969,250       $    3,205,916
                                                                                       ==============       ==============


         LIABILITIES AND PARTNERS' CAPITAL:

         Current Liabilities:
              Accounts payable and accrued liabilities                                 $      101,957       $      127,103
                                                                                       --------------       --------------

         Deferred Revenues                                                                    457,585              457,585

         Interest Holders' Capital (8,631,378 Interest Holders' SDIs;
                                    $1.00 per SDI)                                          2,354,105            2,540,712
         General Partners' Capital                                                             55,603               80,516
                                                                                       --------------       --------------
              Total Partners' Capital                                                       2,409,708            2,621,228
                                                                                       --------------       --------------
                                                                                       $    2,969,250       $    3,205,916
                                                                                       ==============       ==============
</TABLE>


                 See accompanying notes to financial statements.

                                        3


<PAGE>

                  SWIFT ENERGY OPERATING PARTNERS 1992-B, LTD.
                            STATEMENTS OF OPERATIONS
                                   (Unaudited)



<TABLE>
<CAPTION>
                                                                                         Three Months Ended
                                                                                              March 31,
                                                                                 ---------------------------------
                                                                                        1998             1997
                                                                                 ---------------   ---------------
         <S>                                                                     <C>               <C>
         REVENUES:
             Oil and gas sales                                                   $       230,399   $       559,917
             Interest income                                                               3,300             2,269
             Other                                                                         1,447             3,289
                                                                                 ---------------   ---------------
                                                                                         235,146           565,475
                                                                                 ---------------   ---------------
         COSTS AND EXPENSES:
             Lease operating                                                              79,962           101,380
             Production taxes                                                             12,713            29,753
             Depreciation, depletion
               and amortization                                                           83,488           158,724
             General and administrative                                                   36,299            49,763
                                                                                 ---------------   ---------------
                                                                                         212,462           339,620
                                                                                 ---------------   ---------------
         NET INCOME (LOSS)                                                       $        22,684   $       225,855
                                                                                 ===============   ===============
</TABLE>


         Limited Partners' net income (loss)
             per unit

         March 31, 1998                       $            --
                                              ===============
         March 31, 1997                       $           .03
                                              ===============


                 See accompanying notes to financial statements.

                                        4


<PAGE>

                  SWIFT ENERGY OPERATING PARTNERS 1992-B, LTD.
                            STATEMENTS OF CASH FLOWS
                                   (Unaudited)

<TABLE>
<CAPTION>
                                                                                           Three Months Ended
                                                                                                arch 31,
                                                                                ---------------------------------------
                                                                                       1998                   1997
                                                                                ----------------        ---------------
<S>                                                                             <C>                     <C>
CASH FLOWS FROM OPERATING ACTIVITIES:
    Income (Loss)                                                               $         22,684        $       225,855
    Adjustments to reconcile income (loss) to
      net cash provided by operations:
      Depreciation, depletion and amortization                                            83,488                158,724
      Change in gas imbalance receivable
          and deferred revenues                                                               --                (42,396)
      Change in assets and liabilities:
        (Increase) decrease in oil and gas sales receivable                             (127,892)                (3,907)
        (Increase) decrease in other current assets                                       (3,214)                (1,995)
        Increase (decrease) in accounts payable                                          (25,146)               (93,169)
                                                                                ----------------        ---------------
               Net cash provided by (used in) operating activities                       (50,080)               243,112
                                                                                ----------------        ---------------
CASH FLOWS FROM INVESTING ACTIVITIES:
    Additions to oil and gas properties                                                  (23,837)               (36,886)
    Proceeds from sales of oil and gas properties                                        215,689                     --
                                                                                ----------------        ---------------
               Net cash provided by (used in) investing activities                       191,852                (36,886)
                                                                                ----------------        ---------------
CASH FLOWS FROM FINANCING ACTIVITIES:
    Cash distributions to partners                                                      (234,204)              (272,776)
                                                                                ----------------        ---------------
NET INCREASE (DECREASE) IN CASH AND CASH EQUIVALENTS                                     (92,432)               (66,550)
                                                                                ----------------        ---------------
CASH AND CASH EQUIVALENTS AT BEGINNING OF PERIOD                                         255,689                215,339
                                                                                ----------------        ---------------
CASH AND CASH EQUIVALENTS AT END OF PERIOD                                      $        163,257        $       148,789
                                                                                ================        ===============
</TABLE>


                 See accompanying notes to financial statements.

                                        5


<PAGE>

                  SWIFT ENERGY OPERATING PARTNERS 1992-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 Operating Partners 1992-B,  Ltd., a Texas limited
        partnership  ("the  Partnership"),  was formed on June 30, 1992, for the
        purpose of  purchasing  and operating  producing oil and gas  properties
        within the  continental  United States and Canada.  Swift Energy Company
        ("Swift"),   a  Texas  corporation,   and  VJM  Corporation  ("VJM"),  a
        California  corporation,  serve as Managing  General Partner and Special
        General  Partner  of the  Partnership,  respectively.  The sole  limited
        partner  of the  Partnership  is Swift  Depositary  Company,  which  has
        assigned all of its  beneficial  (but not of record) rights and interest
        as  limited  partner  to the  investors  in the  Partnership  ("Interest
        Holders"), in the form of Swift Depositary Interests ("SDIs").

                  The Managing  General  Partner has paid or will pay out of its
        own corporate funds (as a capital  contribution to the  Partnership) all
        selling commissions,  offering expenses,  printing, legal and accounting
        fees and other  formation costs incurred in connection with the offering
        of SDIs and the  formation  of the  Partnership,  for which the Managing
        General  Partner  will  receive  an  interest  in  continuing  costs and
        revenues of the Partnership. The 585 Interest Holders made total capital
        contributions of $8,631,378.

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

(3)  Significant Accounting Policies -

       Use of Estimates --

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


                                       6


<PAGE>


                  SWIFT ENERGY OPERATING PARTNERS 1992-B, LTD.
                    NOTES TO FINANCIAL STATEMENTS (CONTINUED)
                                   (UNAUDITED)


     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 statements.

                  For financial  reporting purposes the Partnership  follows the
        "full-cost"  method of accounting for oil and gas property costs.  Under
        this  method of  accounting,  all  productive  and  nonproductive  costs
        incurred in the  acquisition and development of oil and gas reserves are
        capitalized.  Such costs  include  lease  acquisitions,  geological  and
        geophysical  services,  drilling,  completion,   equipment  and  certain
        general and  administrative  costs directly  associated with acquisition
        and development activities.  General and administrative costs related to
        production and general overhead are expensed as incurred. No general and
        administrative  costs were  capitalized  during the three  months  ended
        March 31, 1998 and 1997.

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

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

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

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

(4)  Related-Party Transactions -

                  Effective  June 30, 1992, the  Partnership  entered into a Net
        Profits and Overriding  Royalty Interest  Agreement ("NP/OR  Agreement")
        with Swift Energy Pension Partners 1992-B, Ltd. ("Pension Partnership"),
        an affiliated  partnership managed by Swift for the purpose of acquiring
        interests in producing  oil and gas  properties.  Under the terms of the
        NP/OR Agreement, the Partnership has conveyed to the Pension Partnership
        a nonoperating  interest in the aggregate net profits (i.e., oil and gas
        sales net of related  operating costs) of the properties  acquired equal
        to  the  Pension  Partnership's  proportionate  share  of  the  property
        acquisition costs.


                                       7


<PAGE>


                  SWIFT ENERGY OPERATING PARTNERS 1992-B, LTD.
                    NOTES TO FINANCIAL STATEMENTS (CONTINUED)
                                   (UNAUDITED)


(5)  Gas Imbalances -

                  The Partnership  recognizes its ownership  interest in natural
        gas  production as revenue.  Actual  production  quantities  sold may be
        different than the  Partnership's  ownership share in a given period. If
        the  Partnership's  sales exceed its ownership share of production,  the
        differences are recorded as deferred revenue. Gas balancing  receivables
        are  recorded  when the  Partnership's  ownership  share  of  production
        exceeds sales.

(6)  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.
(7)  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.


                                       8


<PAGE>

                  SWIFT ENERGY OPERATING PARTNERS 1992-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 producing
oil and gas properties  located within the continental United States and Canada.
In order to  accomplish  this,  the  Partnership  goes  through two distinct yet
overlapping phases with respect to its liquidity and result of operations.  When
the Partnership is formed, it commences its "acquisition"  phase, with all funds
placed in short-term  investments until required for such property acquisitions.
The interest  earned on these  pre-acquisition  investments  becomes the primary
cash flow source for initial Interest Holder  distributions.  As the Partnership
acquires  producing  properties,  net cash from operations becomes available for
distribution,  along with the investment  income.  After  partnership funds have
been expended on producing oil and gas properties,  the  Partnership  enters its
"operations" phase. During this phase, oil and gas sales generate  substantially
all revenues,  and distributions to Interest Holders reflect those revenues less
all associated  partnership  expenses.  The Partnership may also derive proceeds
from  the  sale of  acquired  oil  and gas  properties,  when  the  sale of such
properties is economically appropriate or preferable to continued operation.

LIQUIDITY AND CAPITAL RESOURCES

         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  (used  in)  operating  activities  totaled
$(50,080)  and  $243,112  for the three  months  ended  March 31, 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 the 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 partner's 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 $234,204 and $272,776
for the three months ended March 31, 1998 and 1997, respectively.

         The  Partnership  does not allow for  additional  assessments  from the
partners to fund capital requirements.  The Managing General Partner anticipates
that the  Partnership  will have adequate  liquidity from income from continuing
operations  to  satisfy  any  future  capital  expenditure  requirements.  Funds
generated  from  bank  borrowings  and  proceeds  from  the  sale of oil and gas
properties will be used to supplement this effort if deemed necessary.

Results of Operations

         Oil and gas sales increased $329,518 or 59 percent in the first quarter
of 1998 when  compared to the  corresponding  quarter in 1997,  primarily due to
decreased gas and oil  production.  Gas production  decreased 46 percent and oil
production  declined  37  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, first quarter gas and oil prices declined 21 percent
or $.53/MCF and 46 percent or $8.19/BBL,  respectively,  further contributing to
decreased revenues.

         Associated depreciation expense decreased 47 percent or $75,236 in 1998
compared  to first  quarter  1997,  also  related to the  decline in  production
volumes.

         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 OPERATING PARTNERS 1992-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 OPERATING
                                        PARTNERS 1992-B, LTD.
                                        (Registrant)

                             By:        SWIFT ENERGY COMPANY
                                        Managing General Partner


Date:     May 5, 1998        By:        /s/ John R. Alden
          -----------                   -----------------------------
                                        John R. Alden
                                        Senior Vice President, Secretary
                                        and Principal Financial Officer

Date:     May 5, 1998        By:        /s/ Alton D. Heckaman, Jr.
          -----------                   -----------------------------
                                        Alton D. Heckaman, Jr.
                                        Vice President, Controller
                                        and Principal Accounting Officer


                                       11