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, 2000

                                       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 0-17025

                    SWIFT ENERGY INCOME PARTNERS 1987-B, LTD.
             (Exact name of registrant as specified in its charter)

          Texas                                          76-0226425
(State or other jurisdiction                (I.R.S. Employer Identification No.)
     of organization)

                        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 INCOME PARTNERS 1987-B, LTD.

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

            Statement of Net Assets in Process of Liquidation

                - March 31, 2000                                                  3

            Balance Sheet

                - December 31, 1999                                               4

            Statements of Operations

                - Three month periods ended March 31, 2000 and 1999               5

            Statements of Cash Flows

                - Three month periods ended March 31, 2000 and 1999               6

            Notes to Financial Statements                                         7

      ITEM 2.    Management's Discussion and Analysis of Financial

                     Condition and Results of Operations                          9

PART II.    OTHER INFORMATION                                                    11


SIGNATURES                                                                       12
</TABLE>

<PAGE>

                    SWIFT ENERGY INCOME PARTNERS 1987-B, LTD.
                STATEMENT OF NET ASSETS IN PROCESS OF LIQUIDATION
                                   (Unaudited)
<TABLE>
<CAPTION>
                                                                       March 31,
                                                                         2000
                                                                      ----------
ASSETS:
     <S>                                                             <C>
     Cash and cash equivalents                                       $     4,500
     Oil and gas sales receivable                                        260,348
     Other                                                                30,473
     Gas Imbalance Receivable                                                683
     Oil and Gas Properties                                            3,184,132
                                                                     -----------
          Total Assets                                                 3,480,136
                                                                     -----------


LIABILITIES:

     Accounts Payable                                                     32,709
     Gas Imbalance Payable                                               142,001
                                                                     -----------
          Total Liabilities                                              174,710
                                                                     -----------
     Net Assets in Process of Liquidation                            $ 3,305,426
                                                                     ===========
</TABLE>



                          See accompanying notes to financial statements.

                                       3

<PAGE>

                               SWIFT ENERGY INCOME PARTNERS 1987-B, LTD.
                                             BALANCE SHEET
<TABLE>
<CAPTION>
                                                                      December 31,
                                                                         1999
                                                                     -------------
ASSETS:
<S>                                                                  <C>
Current Assets:
     Cash and cash equivalents                                       $       5,355
     Oil and gas sales receivable                                          289,654
     Other                                                                  28,043
                                                                     -------------
          Total Current Assets                                             323,052
                                                                     -------------

Gas Imbalance Receivable                                                       683
                                                                     -------------

Oil and Gas Properties, using full cost
     accounting                                                         24,271,480
Less-Accumulated depreciation, depletion
     and amortization                                                  (22,272,110)
                                                                     -------------
                                                                         1,999,370
                                                                     -------------
                                                                     $   2,323,105
                                                                     =============

LIABILITIES AND PARTNERS' CAPITAL:

Current Liabilities:
     Accounts Payable                                                $      27,307
                                                                     -------------

Deferred Revenues                                                          143,198

Limited Partners' Capital (260,255 Limited Partnership
                                   Units; $100 per unit)                 2,092,632
General Partners' Capital                                                   59,968
                                                                     -------------
          Total Partners' Capital                                        2,152,600
                                                                     -------------
                                                                     $   2,323,105
                                                                     =============
</TABLE>



                 See accompanying notes to financial statements.

                                       4

<PAGE>

                    SWIFT ENERGY INCOME PARTNERS 1987-B, LTD.
                            STATEMENTS OF OPERATIONS
                                   (Unaudited)
<TABLE>
<CAPTION>
                                                                    Three Months Ended
                                                                         March 31,
                                                                 -------------------------
                                                                      2000           1999
                                                                 -----------     ---------
REVENUES:
     <S>                                                         <C>             <C>
     Oil and gas sales                                           $   154,768     $   3,706
     Interest income                                                   2,456         5,794
                                                                 -----------     ---------
                                                                     157,224        79,500
                                                                 -----------     ---------

COSTS AND EXPENSES:

     Lease operating                                                  35,391        36,041
     Production taxes                                                  7,903         3,667
     Depreciation, depletion
          and amortization                                            43,387        48,935
     General and administrative                                       65,355        55,422
                                                                 -----------     ---------
                                                                     152,036       144,065
                                                                 -----------     ---------
Income (Loss) Before Adoption
     Of Liquidation Basis Of Accounting                          $     5,188     $ (64,565)
                                                                 -----------     ---------
Effect Of Adoption Of Liquidation
     Basis Of Accounting                                           1,218,546            --
                                                                 -----------     ---------

Income (Loss)                                                    $ 1,223,734     $ (64,565)
                                                                 ===========     =========


Limited Partners' net income (loss)
     per unit

     Income (Loss) Before Adoption
     of Liquidation Basis of Accounting                          $        --     $   (0.24)
                                                                 ===========     =========

     Effect of Adoption of Liquidation
     Basis of Accounting                                         $      4.21     $      --
                                                                 ===========     =========

     Income (Loss)                                               $      4.21     $   (0.24)
                                                                 ===========     =========
</TABLE>


                 See accompanying notes to financial statements.

                                       5

<PAGE>

                    SWIFT ENERGY INCOME PARTNERS 1987-B, LTD.
                             STATEMENT OF CASH FLOWS
                                   (Unaudited)
<TABLE>
<CAPTION>
                                                                             Three Months Ended
                                                                                  March 31,
                                                                         ----------------------------
                                                                             2000             1999
                                                                         ------------      ----------
<S>                                                                      <C>               <C>
CASH FLOWS FROM OPERATING ACTIVITIES:
     Income (loss)                                                       $  1,223,734      $  (64,565)
     Adjustments to reconcile income (loss) to
          net cash provided by operations:
          Effect of adoption of liquidation basis of accounting            (1,218,546)             --
          Depreciation, depletion and amortization                             43,387          48,935
          Change in gas imbalance receivable
               and deferred revenues                                           (1,197)             --
Change in assets and liabilities:
               (Increase) decrease in oil and gas sales receivable             29,306        (126,352)
               (Increase) decrease in other current assets                     (2,430)         (4,828)
               Increase (decrease) in accounts payable                          5,402          29,115
                                                                         ------------      ----------
          Net cash provided by (used in) operating activities                  79,656        (117,695)
                                                                         ------------      ----------

CASH FLOWS FROM INVESTING ACTIVITIES:
     Additions to oil and gas properties                                       (9,603)         (3,617)
     Proceeds from sales of oil and gas properties                                 --          60,836
                                                                         ------------      ----------
          Net cash provided by (used in) investing activities                  (9,603)         57,219
                                                                         ------------      ----------
CASH FLOWS FROM FINANCING ACTIVITIES:
     Cash Distributions to partners                                           (70,908)        (74,537)
                                                                         ------------      ----------
NET INCREASE (DECREASE) IN CASH AND CASH EQUIVALENTS                             (855)       (135,013)
                                                                         ------------      ----------
CASH AND CASH EQUIVALENTS AT BEGINNING OF PERIOD                                5,355         252,359
                                                                         ------------      ----------
CASH AND CASH EQUIVALENTS AT END OF PERIOD                               $      4,500      $  117,346
                                                                         ============      ==========
</TABLE>


                 See accompanying notes to financial statements.

                                       6

<PAGE>

                    SWIFT ENERGY INCOME PARTNERS 1987-B, LTD.
                          NOTES TO FINANCIAL STATEMENTS
                                   (UNAUDITED)

(1)  General Information -

                  The  limited   partners  of  the   Partnership   approved  the
        dissolution  of the  Partnership  on March 30,  2000.  As a result,  the
        Partnership  has changed its basis of  accounting,  effective  March 31,
        2000, from historical  cost basis to the  liquidation  basis.  Under the
        liquidation basis of accounting,  the Partnership's  assets at March 31,
        2000  are  reported  at  estimated  net   realizable   value,   and  the
        Partnership's liabilities are presented at estimated settlement amounts.
        The net  effect  of the  revaluation  of the  Partnership's  assets  and
        liabilities due to the adoption of the  liquidation  basis of accounting
        was an upward adjustment of $1,218,546.

                  Oil and gas  properties at March 31, 2000 reflect the Managing
        General  Partner's  estimate  of value,  in the  absence of third  party
        appraisals  or  evaluations,   based  on  future  net  revenues  of  the
        properties,  discounted  at 10%, as of March 31, 2000.  This estimate is
        based on its assessment of the impact of selling  existing  assets based
        on current  market  conditions  and estimated  disposal  costs.  The net
        proceeds from the sales of oil and gas properties may vary substantially
        due to changes in oil and gas prices,  subsequent  production  and other
        factors which may be applied by buyers.

                  For  all  other  assets  and  liabilities   presented  on  the
        liquidation  basis of accounting,  the Managing General Partner believes
        that  historical  cost   approximates  fair  market  value  due  to  the
        short-term nature of such assets and liabilities.

                  The accompanying  statements of operations and cash flows were
        prepared using the historical cost basis of accounting.

                  The financial statements included herein have been prepared by
        the  Partnership  and are  unaudited  except  for the  balance  sheet at
        December  31,  1999  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)  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.

(3)  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.

                                       7

<PAGE>

                    SWIFT ENERGY INCOME PARTNERS 1987-B, LTD.
                    NOTES TO FINANCIAL STATEMENTS (CONTINUED)
                                   (UNAUDITED)

                  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.

(4)  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 INCOME PARTNERS 1987-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.  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 partner 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 partners  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.

Liquidation

      During the first quarter of 2000, the Managing  General  Partner  informed
the limited partners of a proposal to sell all of the Partnership's interests in
oil and gas properties and dissolve and liquidate the  Partnership.  The special
meeting of limited partners was held on March 30, 2000.

      Of the total  units held by the  limited  partners,  a majority  voted for
adoption of the  proposal  for sales of  substantially  all of the assets of the
Partnership and the dissolution,  winding up and termination of the Partnership.
The  Partnership  adopted the  liquidation  basis of  accounting  for the period
subsequent to March 31, 2000.

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. This source
of  liquidity  and  the  related  results  of  operations,   and  in  turn  cash
distributions,  will decline in future  periods as the oil and gas produced from
these properties also declines while  production and general and  administrative
costs remain relatively stable making it unlikely that the Partnership will hold
the properties  until they are fully depleted,  but will likely liquidate when a
substantial  majority of the reserves have been produced.  Cash distributions to
partners are determined quarterly, based upon net proceeds from sales of oil and
gas production after payment of lease operating  expense,  taxes and development
costs, less general and administrative expenses. In addition, future partnership
cash requirements are taken into account to determine necessary cash reserves.

      Net cash provided by (used in) operating  activities  totaled  $79,656 and
$(117,695)  for the three  months  ended March 31, 2000 and 1999,  respectively.
Cash provided by property  sales proceeds  totaled  $60,836 for the three months
ended March 31, 1999.  Cash  distributions  totaled  $70,908 and $74,537 for the
three months ended March 31, 2000 and 1999, respectively.

      The  Partnership  has  expended  all  of  the  partners'  net  commitments
available for property  acquisitions and development by acquiring  producing oil
and gas  properties.  The  partnership  invests  primarily  in proved  producing
properties  with nominal  levels of future costs of  development  for proven but
undeveloped reserves.  Significant purchases of additional reserves or extensive
drilling  activity  are not  anticipated.  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.

                                       9

<PAGE>

                    SWIFT ENERGY INCOME PARTNERS 1987-B, LTD.
                MANAGEMENT'S DISCUSSION AND ANALYSIS OF FINANCIAL
                 CONDITION AND RESULTS OF OPERATIONS (CONTINUED)


      After sale of all its interests in oil and gas  properties  and settlement
of its liabilities,  the Partnership's assets will consist solely of cash, which
it will distribute to its partners in complete liquidation. The Partnership will
not  realize  gain or loss upon such  distribution  of cash to its  partners  in
liquidation.

Results of Operations

      Oil and gas sales increased $81,061 or 110 percent in the first quarter of
2000 when compared to the corresponding  quarter in 1999.  Increased oil and gas
prices had a significant impact on Partnership performance. Oil prices increased
130 percent or $14.53/BBL to an average of $25.74/BBL  and gas prices  increased
97 percent or  $1.45/MCF to an average of  $2.95/MCF  for the  quarter.  Current
quarter  production  volumes  increased  3  percent  as oil and  gas  production
increased 3 percent and 4 percent, respectively,  when compared to first quarter
1999 production volumes.

      Corresponding  production  costs per equivalent MCF increased 5 percent in
the  first  quarter  of 2000  compared  to the first  quarter  of 1999 and total
production costs increased 9 percent.

      Associated  depreciation  expense  decreased  11 percent or $5,548 in 2000
compared to first quarter 1999.

      The Partnership records an additional provision in depreciation, depletion
and amortization when the present value, discounted at ten percent, of estimated
future net revenues  from oil and gas  properties,  using the  guidelines of the
Securities and Exchange  Commission,  is below the fair market value  originally
paid for oil and gas  properties.  Using prices in effect at March 31, 1999, the
Partnership would have recorded an additional provision at March 31, 1999 in the
amount of $27,041.  However,  these temporarily low quarter-end prices rebounded
and by using prices in effect at the filing date, the Partnership's  unamortized
cost of oil and gas properties were not limited by this calculation.

      During 2000,  partnership  revenues  and costs will be shared  between the
limited partners and general partners in a 90:10 ratio.

                                       10

<PAGE>

                    SWIFT ENERGY INCOME PARTNERS 1987-B, LTD.
                           PART II - OTHER INFORMATION


ITEM 5.    OTHER INFORMATION



                                     -NONE-


                                       11

<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 INCOME
                                           PARTNERS 1987-B, LTD.
                                           (Registrant)

                                By:        SWIFT ENERGY COMPANY
                                           Managing General Partner

Date:     May 8, 2000           By:        /s/ John R. Alden
          -----------                      -----------------------------------
                                           John R. Alden
                                           Senior Vice President, Secretary
                                           and Principal Financial Officer

Date:     May 8, 2000           By:        /s/ Alton D. Heckaman, Jr.
          -----------                      -----------------------------------
                                           Alton D. Heckaman, Jr.
                                           Vice President, Controller
                                           and Principal Accounting Officer


                                       12