<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 September 30, 1995

                                      OR

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

             For the transition period from _____________ to ____________

                       Commission File number  33-11773-01


                   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
              of organization)                      Identification No.)


                        16825 NORTHCHASE DRIVE, SUITE 400
                              HOUSTON, TEXAS 77060
                     (Address of principal executive offices)
                                    (Zip Code)

                                  (713) 874-2700
                (Registrant's telephone number, including area code)

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


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

Yes  X      No
    ---        ---


<PAGE>


                  SWIFT ENERGY INCOME PARTNERS 1987-B, LTD.

                                  INDEX


<TABLE>
<CAPTION>

                                                                     PAGE
                                                                     ----
<S>                                                                  <C>
PART I.  FINANCIAL INFORMATION

  ITEM 1.  FINANCIAL STATEMENTS

      Balance Sheets

        - September 30, 1995 and December 31, 1994                      3

      Statements of Operations

        - Three month and nine month periods ended
           September 30, 1995 and 1994                                  4

      Statements of Cash Flows

        - Nine month periods ended September 30, 1995 and 1994          5

      Notes to Financial Statements                                     6

  ITEM 2. MANAGEMENT'S DISCUSSION AND ANALYSIS OF FINANCIAL
           CONDITION AND RESULTS OF OPERATIONS                          7

PART II.    OTHER INFORMATION                                           9

SIGNATURES                                                             10

</TABLE>


<PAGE>

                SWIFT ENERGY INCOME PARTNERS 1987-B, LTD.
                             BALANCE SHEETS

<TABLE>
<CAPTION>
                                                 SEPTEMBER 30,  DECEMBER 31,
                                                     1995           1994
                                                 -------------  ------------
                                                  (Unaudited)
<S>                                              <C>            <C>
ASSETS:

Current Assets:
     Cash and cash equivalents                   $      1,885   $      1,452
     Oil and gas sales receivable                     283,350        536,357
                                                 ------------   ------------
          Total Current Assets                        285,235        537,809
                                                 ------------   ------------
Oil and Gas Properties, using full cost
     accounting                                    24,992,892     24,879,507
Less-Accumulated depreciation, depletion
     and amortization                             (19,620,197)   (18,352,629)
                                                 ------------   ------------
                                                    5,372,695      6,526,878
                                                 ------------   ------------
                                                 $  5,657,930   $  7,064,687
                                                 ============   ============

LIABILITIES AND PARTNERS' CAPITAL:

Current Liabilities:
     Accounts payable and accrued liabilities    $    593,182   $    660,538
     Current portion of note payable                   85,337        170,674
                                                 ------------   ------------
          Total Current Liabilities                   678,519        831,212
                                                 ------------   ------------
Note payable to a Bank, net
     of current portion                                    --         42,669

Deferred Revenues                                     249,051        244,148

Partners' Capital                                   4,730,360      5,946,658
                                                 ------------   ------------
                                                 $  5,657,930   $  7,064,687
                                                 ============   ============
</TABLE>

              See accompanying notes to financial statements.

                                     3

<PAGE>

                SWIFT ENERGY INCOME PARTNERS 1987-B, LTD.
                       STATEMENTS OF OPERATIONS
                              (Unaudited)

<TABLE>
<CAPTION>
                                   THREE MONTHS ENDED      NINE MONTHS ENDED
                                     SEPTEMBER 30,           SEPTEMBER 30,
                                  --------------------   -----------------------
                                     1995       1994        1995         1994
                                  ---------   --------   ----------   ----------
<S>                               <C>         <C>        <C>          <C>
REVENUES:
   Oil and gas sales              $ 298,150   $630,177   $1,230,723   $1,808,889
   Interest income                       63         12          193           24
   Other                              6,037      7,552       23,901       18,849
                                  ---------   --------   ----------   ----------
                                    304,250    637,741    1,254,817    1,827,762
                                  ---------   --------   ----------   ----------

COSTS AND EXPENSES:
   Lease operating                  132,892    141,230      497,110      490,878
   Production taxes                  15,216     30,876       64,240       98,071
   Depreciation, depletion
     and amortization -
       Normal provision             112,171    210,992      493,810      614,682
       Additional provision         144,883         --      773,758           --
   General and administrative        63,692     91,801      168,335      243,549
   Interest expense                  13,938     12,710       41,171       38,875
                                  ---------   --------   ----------   ----------
                                    482,792    487,609    2,038,424    1,486,055
                                  ---------   --------   ----------   ----------
NET INCOME (LOSS)                 $(178,542)  $150,132   $ (783,607)  $  341,707
                                  =========   ========   ==========   ==========

Limited Partners' net income
   (loss) per unit                $    (.69)  $    .58   $    (3.01)  $     1.31
                                  =========   ========   ==========   ==========
</TABLE>


                See accompanying note to financial statements.

                                     4
<PAGE>


                  SWIFT ENERGY INCOME PARTNERS 1987-B, LTD.
                          STATEMENTS OF CASH FLOWS
                                (UNAUDITED)

<TABLE>
<CAPTION>
                                                                      NINE MONTHS ENDED
                                                                        SEPTEMBER 30,
                                                                 -------------------------
                                                                     1995           1994
                                                                 ----------      ---------
  <S>                                                              <C>            <C>
CASH FLOWS FROM OPERATING ACTIVITIES:
    Income (Loss)                                                $ (783,607)     $ 341,707
    Adjustments to reconcile income (loss) to
      net cash provided by operations:
      Depreciation, depletion and amortization                    1,267,568        614,682
      Deferred revenues                                               4,903         23,443
      Change in assets and liabilities:
        (Increase) decrease in oil and gas sales receivable         253,007         (6,598)
        Increase (decrease) in accounts payable
          and accrued liabilities                                   (67,356)        10,960
                                                                  ---------      ---------
            Net cash provided by (used in) operating activities     674,515        984,194
                                                                  ---------      ---------
CASH FLOWS FROM INVESTING ACTIVITIES:
    Additions to oil and gas properties                            (136,027)      (178,929)
    Proceeds from sales of oil and gas properties                    22,642         54,598
                                                                  ---------      ---------
            Net cash provided by (used in) investing activities    (113,385)      (124,331)
                                                                  ---------      ---------
CASH FLOWS FROM FINANCING ACTIVITIES:
    Cash distributions to partners                                 (432,691)      (731,749)
    Payments on note payable                                       (128,006)      (128,006)
                                                                  ---------      ---------
            Net cash provided by (used in) financing activities    (560,697)      (859,755)
                                                                  ---------      ---------
NET INCREASE (DECREASE) IN CASH AND CASH EQUIVALENTS                    433            108
                                                                  ---------      ---------
CASH AND CASH EQUIVALENTS AT BEGINNING OF PERIOD                      1,452          1,230
                                                                  ---------      ---------
CASH AND CASH EQUIVALENTS AT END OF PERIOD                        $   1,885      $   1,338
                                                                  =========      =========
Supplemental disclosure of cash flow information:
    Cash paid during the period for interest                      $  12,554      $  19,210
                                                                  =========      =========

</TABLE>




                         See accompanying notes to financial statements.

                                              5


<PAGE>


                  SWIFT ENERGY INCOME PARTNERS 1987-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, 1994 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)  DEFERRED REVENUES -

          Deferred Revenues represent a gas imbalance liability assumed
    as part of property acquisitions.  The imbalance is accounted for on the
    entitlements method, whereby the Partnership records its share of
    revenue, based on its entitled amount.  Any amounts over or under the
    entitled amount are recorded as an increase or decrease to deferred
    revenues.

(3)  CONCENTRATION OF CREDIT RISK -

          The Partnership extends credit to various companies in the oil
    and gas industry which results in a concentration of credit risk.  This
    concentration of credit risk may be affected by changes in economic or
    other conditions and may accordingly impact the Partnership's overall
    credit risk.  However, the Managing General Partner believes that the
    risk is mitigated by the size, reputation, and nature of the companies
    to which the Partnership extends credit.  In addition, the partnership
    generally does not require collateral or other security to support
    customer receivables.

<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.

LIQUIDITY AND CAPITAL RESOURCES

     The Partnership has completed acquisition of producing oil and gas
properties, expending all of the limited partners' commitments available for
property acquisitions.

     The Partnership does not allow for additional assessments from the
partners to fund capital requirements.  However, funds in addition to the
remaining unexpended net capital commitments of the partners are available
from partnership revenues, borrowings or proceeds from the sale of
partnership property.  The Managing General Partner believes that the funds
currently available to the Partnership will be adequate to meet any
anticipated capital requirements.

RESULTS OF OPERATIONS

     The following analysis explains changes in the revenue and expense
categories for the quarter ended September 30, 1995 (current quarter) when
compared to the quarter ended September 30, 1994 (corresponding quarter), and
for the nine months ended September 30, 1995 (current period), when compared
to the nine months ended September 30, 1994 (corresponding period).

THREE MONTHS ENDED SEPTEMBER 30, 1995 AND 1994

     Oil and gas sales declined $332,027 or 53 percent in the current quarter
of 1995 when compared to the corresponding quarter in 1994, primarily due to
decreased gas and oil production.  Current quarter gas and oil production
declined 52 percent and 32 percent, respectively, when compared to third
quarter 1994 production volumes.  A decline in gas and oil prices of 16
percent or $.29/MCF and 18 percent or $3.23/BBL, respectively, further
contributed to decreased revenues.

     Associated depreciation expense decreased 47 percent or $98,821.

     The Partnership recorded an additional provision in depreciation,
depletion and amortization in the third quarter of 1995 for $144,883 when the
present value, discounted at ten percent, of estimated future net revenues
from oil and gas properties, using the guidelines of the Securities and
Exchange Commission, was below the fair market value originally paid for oil
and gas properties.  The additional provision results from the Managing
General Partner's determination that the fair market value paid for
properties may or may not coincide with reserve valuations determined
according to guidelines of the Securities and Exchange Commission.  Using
prices in effect at September 30, 1994, the Partnership would have recorded
an additional provision at September 30, 1994 in the amount of $298,948.
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.

                                      7

<PAGE>

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

NINE MONTHS ENDED SEPTEMBER 30, 1995 AND 1994

     Oil and gas sales decreased $578,166 or 32 percent in the first nine
months of 1995 over the corresponding period in 1994, primarily due to
decreased gas and oil production.  A decline of 24 percent in gas production
and 18 percent in oil production was a significant factor in the decreased
revenues for the period.  Also, current period gas prices decreased 26
percent or $.52/MCF compared to the corresponding period in 1994, further
contributing to decreased income.

     Associated depreciation expense decreased 20 percent or $120,872.

     The Partnership recorded an additional provision in depreciation,
depletion and amortization in the first nine months of 1995 for $773,758 when
the present value, discounted at ten percent, of estimated future net
revenues from oil and gas properties, using the guidelines of the Securities
and Exchange Commission, was below the fair market value originally paid for
oil and gas properties.  The additional provision results from the Managing
General Partner's determination that the fair market value paid for
properties may or may not coincide with reserve valuations determined
according to guidelines of the Securities Exchange Commission.

     During 1995, partnership revenues and costs will be shared between the
limited partners and general partners in a 90:10 ratio.


                                      8

<PAGE>

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



ITEM 5.    OTHER INFORMATION


                                    -NONE-


                                      9

<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:  November 13, 1995               By:  /s/ John R. Alden
       -----------------------         --------------------------------------
                                            John R. Alden
                                            Senior Vice President, Secretary
                                            and Principal Financial Officer

Date:  November 13, 1995               By:  /s/ Alton D. Heckaman, Jr.
       -----------------------         --------------------------------------
                                            Alton D. Heckaman, Jr.
                                            Vice President, Controller
                                            and Principal Accounting Officer


                                     10