FORM 10-K
                    SECURITIES AND EXCHANGE COMMISSION
                         WASHINGTON, D.C.  20549
(Mark One)

[x]    Annual  report  pursuant to Section 13 or 15(d)  of  the  Securities
       Exchange Act of 1934 [Fee Required]

For the fiscal year ended December 31, 2001

                                    OR

[ ]    Transition  report pursuant to Section 13 or 15(d) of the Securities
       Exchange Act of 1934 [No Fee Required]

For the transition period from                      to

Commission File Number 0-19585

                Southwest Oil & Gas Income Fund X-B, L.P.
                (Exact name of registrant as specified in
                    its limited partnership agreement)

Delaware                                                    75-2332176
(State or other jurisdiction                             (I.R.S. Employer
of incorporation or organization)                       Identification No.)

407 N. Big Spring, Suite 300, Midland, Texas                  79701
(Address of principal executive office)                    (Zip Code)

Registrant's telephone number, including area code   (915) 686-9927

       Securities registered pursuant to Section 12(b) of the Act:

                                   None

       Securities registered pursuant to Section 12(g) of the Act:

                      limited partnership interests

Indicate by check mark whether registrant (1) has filed 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

Indicate by check mark if disclosure of delinquent filers pursuant to  Item
405  of  Regulation S-K (229.405 of this chapter) is not contained  herein,
and  will  not  be  contained,  to the best of registrant's  knowledge,  in
definitive  proxy or information statements incorporated  by  reference  in
Part III of this Form 10-K or any amendment to this Form 10-K.     [x]

The  registrant's  outstanding  securities  consist  of  Units  of  limited
partnership  interests for which there exists no established public  market
from which to base a calculation of aggregate market value.

The  total  number of pages contained in this report is 39.   There  is  no
exhibit index.

<PAGE>
                            Table of Contents

Item                                                                   Page

                                  Part I

 1.  Business                                                            3

 2.  Properties                                                          6

 3.  Legal Proceedings                                                   7

 4.  Submission of Matters to a Vote of Security Holders                 7

                                 Part II

 5.  Market for Registrant's Common Equity and Related
     Stockholder Matters                                                 8

 6.  Selected Financial Data                                             9

 7.  Management's Discussion and Analysis of
     Financial Condition and Results of Operations                      10

 8.  Financial Statements and Supplementary Data                        17

 9.  Changes in and Disagreements with Accountants
     on Accounting and Financial Disclosure                             33

                                 Part III

10.  Directors and Executive Officers of the Registrant                 34

11.  Executive Compensation                                             35

12.  Security Ownership of Certain Beneficial Owners and
     Management                                                         35

13.  Certain Relationships and Related Transactions                     37

                                 Part IV

14.  Exhibits, Financial Statement Schedules, and Reports
     on Form 8-K                                                        38

     Signatures                                                         39

<PAGE>
                                  Part I

Item 1.   Business

General
Southwest   Oil  &  Gas  Income  Fund  X-B,  L.P.  (the  "Partnership"   or
"Registrant") was organized as a Delaware limited partnership  on  November
27, 1990.  The offering of limited partnership interests began December  1,
1990 as part of a shelf offering registered under the name Southwest Oil  &
Gas  1990-91  Income Program (the "Program").  Minimum capital requirements
for the Partnership were met on March 1, 1991, with the offering of limited
partnership  interests concluding September 30, 1991.  The Partnership  has
no subsidiaries.

The Partnership has acquired interests in producing oil and gas properties,
and  produced and marketed the crude oil and natural gas produced from such
properties.  In most cases, the Partnership purchased working interests  in
oil  and  gas properties.  The Partnership purchased either all or part  of
the rights and obligations under various oil and gas leases.

The  principal executive offices of the Partnership are located at  407  N.
Big Spring, Suite 300, Midland, Texas, 79701.  The Managing General Partner
of  the  Partnership,  Southwest Royalties,  Inc.  (the  "Managing  General
Partner")   and  its  staff  of  89  individuals,  together  with   certain
independent  consultants  used  on an "as needed"  basis,  perform  various
services on behalf of the Partnership, including the selection of  oil  and
gas properties and the marketing of production from such properties.  H. H.
Wommack,  III,  a  stockholder, director, President and  Treasurer  of  the
Managing  General Partner, is also a general partner.  The Partnership  has
no employees.

Principal Products, Marketing and Distribution
The  Partnership has acquired and holds working interests in  oil  and  gas
properties  located  in  Arkansas, Louisiana, New Mexico  and  Texas.   All
activities  of  the  Partnership are confined  to  the  continental  United
States.   All  oil  and  gas  produced from these  properties  is  sold  to
unrelated third parties in the oil and gas business.

The  revenues  generated from the Partnership's oil and gas activities  are
dependent upon the current market for oil and gas.  The prices received  by
the Partnership for its oil and gas production depend upon numerous factors
beyond   the   Partnership's  control,  including  competition,   economic,
political  and regulatory developments and competitive energy sources,  and
make it particularly difficult to estimate future prices of oil and natural
gas.

<PAGE>
For  nearly nine months, despite the fears of a global recession, crude oil
prices  held steady between $26 and $28 per barrel due in part to a  series
of  OPEC  and  non-OPEC production cuts.  Then, following what  has  become
known  simply  as  "9-11",  crude prices plunged  immediately  to  $22  and
gradually  fell  to below $18 per barrel.  Slower demand  across  the  U.S.
caused by the threat of recession and warmer than expected weather also led
to  declining prices in the latter half of 2001.  However, the  oil  cartel
and other non-member countries agreed for the fourth time since February to
curb  output in an effort to stabilize prices.  Crude oil contracts trading
on the NYMEX closed the year at approximately $20 per barrel.

Spot  prices in 2001 climbed to their highest levels ever, with the  yearly
average  price  nationwide reaching $4.14/MMBtu, up  9.77%  from  the  2000
average  of $3.77/MMBtu.  Prices reached their zenith in the first  quarter
of  2001 before beginning a steady decline throughout the remainder of  the
year.   The  terrorist  attacks  of  September  11  knocked  the  New  York
Mercantile Exchange out of the market for several days and shook  the  spot
marketplace into a maintenance mode.  As companies measured the  impact  of
the  attacks on the U.S. economy, spot prices deteriorated further.  In the
fourth  quarter,  prices  bottomed out for the year  with  the  three-month
average  falling to $2.31/MMBtu.  As for 2002, record-high  storage  levels
and  the  expectation of a flat economy through the first half of the  year
are  leading  industry  experts to predict prices to  average  $2.05/MMBtu,
remaining above the $2.00 per MMBtu level for a 5th consecutive year.

Following  is a table of the ratios of revenues received from oil  and  gas
production for the last three years:

                                  Oil          Gas

                    2001          80%          20%
                    2000          83%          17%
                    1999          83%          17%

As  the table indicates, the majority of the Partnership's revenue is  from
its   oil  production;  therefore,  Partnership  revenues  will  be  highly
dependent upon the future prices and demands for oil.

Seasonality of Business
Although the demand for natural gas is highly seasonal, with higher  demand
in  the colder winter months and in very hot summer months, the Partnership
has  been able to sell all of its natural gas, either through contracts  in
place or on the spot market at the then prevailing spot market price.  As a
result,  the volumes sold by the Partnership have not fluctuated materially
with the change of season.

Customer Dependence
No  material portion of the Partnership's business is dependent on a single
purchaser,  or a very few purchasers, where the loss of one  would  have  a
material adverse impact on the Partnership.  Three purchasers accounted for
71%  of the Partnership's total oil and gas production during 2001:  Teppco
Crude  Oil  LLC  for 40%, Plains Marketing LP for 21% and Raptor  Resources
Inc.  for  10%.   Three purchasers accounted for 79% of  the  Partnership's
total  oil and gas production during 2000:  Teppco Crude Oil LLC  for  47%,
Plains  Marketing  LP  for  20%  and  Mobil  Corporation  for  12%.   Three
purchasers  accounted  for  78%  of the Partnership's  total  oil  and  gas
production during 1999:  Teppco Crude Oil LLC for 46%, Scurlock Permian LLC
for 19% and Mobil Corporation for 13%.  All purchasers of the Partnership's
oil and gas production are unrelated third parties.  In the event either of
these   purchasers   were  to  discontinue  purchasing  the   Partnership's
production,  the  Managing  General  Partner  believes  that  a  substitute
purchaser  or  purchasers could be located without undue delay.   No  other
purchaser  accounted  for an amount equal to or greater  than  10%  of  the
Partnership's sales of oil and gas production.


<PAGE>
Competition
Because  the  Partnership has utilized all of its funds available  for  the
acquisition  of interests in producing oil and gas properties,  it  is  not
subject  to  competition from other oil and gas property  purchasers.   See
Item 2, Properties.

Factors  that  may  adversely  affect the  Partnership  include  delays  in
completing  arrangements  for  the sale of production,  availability  of  a
market for production, rising operating costs of producing oil and gas  and
complying  with  applicable  water  and  air  pollution  control  statutes,
increasing  costs  and  difficulties of transportation,  and  marketing  of
competitive  fuels.   Moreover, domestic oil  and  gas  must  compete  with
imported oil and gas and with coal, atomic energy, hydroelectric power  and
other forms of energy.

Regulation

Oil  and Gas Production - The production and sale of oil and gas is subject
to  federal and state governmental regulation in several respects, such  as
existing price controls on natural gas and possible price controls on crude
oil,  regulation of oil and gas production by state and local  governmental
agencies, pollution and environmental controls and various other direct and
indirect   regulation.    Many  jurisdictions  have  periodically   imposed
limitations on oil and gas production by restricting the rate of  flow  for
oil  and  gas wells below their actual capacity to produce and by  imposing
acreage limitations for the drilling of wells.  The federal government  has
the  power  to  permit increases in the amount of oil imported  from  other
countries and to impose pollution control measures.

Various  aspects of the Partnership's oil and gas activities are  regulated
by  administrative agencies under statutory provisions of the states  where
such  activities  are  conducted and by certain  agencies  of  the  federal
government for operations on Federal leases.  Moreover, certain  prices  at
which the Partnership may sell its natural gas production are controlled by
the  Natural Gas Policy Act of 1978, the Natural Gas Wellhead Decontrol Act
of  1989  and the regulations promulgated by the Federal Energy  Regulatory
Commission.

Environmental  - The Partnership's oil and gas activities  are  subject  to
extensive  federal,  state  and local laws and  regulations  governing  the
generation,  storage, handling, emission, transportation and  discharge  of
materials into the environment.  Governmental authorities have the power to
enforce compliance with their regulations, and violations carry substantial
penalties.   This  regulatory burden on the oil and gas industry  increases
its cost of doing business and consequently affects its profitability.  The
Managing  General  Partner  is  unable to  predict  what,  if  any,  effect
compliance will have on the Partnership.

Industry  Regulations  and  Guidelines - Certain industry  regulations  and
guidelines  apply to the registration, qualification and operation  of  oil
and  gas programs in the form of limited partnerships.  The Partnership  is
subject  to  these  guidelines  which regulate  and  restrict  transactions
between the Managing General Partner and the Partnership.

The  Partnership  complies with these guidelines and the  Managing  General
Partner  does not anticipate that continued compliance will have a material
adverse effect on Partnership operations.

Partnership Employees
The  Partnership has no employees; however the Managing General Partner has
a  staff of geologists, engineers, accountants, landmen and clerical  staff
who  engage in Partnership activities and operations and perform additional
services  for  the  Partnership as needed.  In  addition  to  the  Managing
General  Partner's  staff, the Partnership engages independent  consultants
such  as petroleum engineers and geologists as needed.  As of December  31,
2001,  there were 89 individuals directly employed by the Managing  General
Partner in various capacities.

<PAGE>
Item 2.   Properties

In  determining whether an interest in a particular producing property  was
to  be  acquired, the Managing General Partner considered such criteria  as
estimated  oil  and  gas reserves, estimated cash flow  from  the  sale  of
production,  present  and  future prices of oil  and  gas,  the  extent  of
undeveloped  and  unproved reserves, the potential for secondary,  tertiary
and other enhanced recovery projects and the availability of markets.

As  of December 31, 2001, the Partnership possessed an interest in oil  and
gas properties located in Columbia County of Arkansas; Calcasieu Parish  of
Louisiana; Eddy and Lea Counties of New Mexico; and Ector, Duval,  Midland,
Reeves,  Schleicher,  Scurry, Ward and Winkler Counties  of  Texas.   These
properties  consist  of various interests in approximately  376  wells  and
units.

Due  to  the  Partnership's  objective of  maintaining  current  operations
without engaging in the drilling of any developmental or exploratory wells,
or additional acquisitions of producing properties, there have not been any
significant changes in properties during 2001, 2000 and 1999

There were no leases sold during 2001, 2000 and 1999

Significant Properties
The  following  table  reflects the significant  properties  in  which  the
Partnership has an interest:

                         Date
                      Purchased          No. of        Proved Reserves*
Name and Location    and Interest        Wells       Oil (bbls)  Gas (mcf)
-----------------    ------------        -----       ----------  ---------

NE Vacuum Abo         9/91 at               7         119,000      86,000
Acquisition           25% to 50%
Lea County,           working interest
New Mexico

SWRI Acquisition      1/92 at 5.8% to       4          22,000     102,000
Midland and Ward      50% working interest
Counties, Texas and
Eddy County, NM


*Ryder  Scott  Petroleum Engineers prepared the reserve and  present  value
data for the Partnership's existing properties as of January 1, 2002.   The
reserve  estimates were made in accordance with guidelines  established  by
the  Securities  and  Exchange  Commission  pursuant  to  Rule  4-10(a)  of
Regulation  S-X.   Such guidelines require oil and gas reserve  reports  be
prepared  under  existing  economic  and  operating  conditions   with   no
provisions   for   price   and  cost  escalation  except   by   contractual
arrangements.

Oil  price  adjustments were made in the individual evaluations to  reflect
oil quality, gathering and transportation costs. The results of the reserve
report as of January 1, 2002 are an average price of $18.48 per barrel.

Gas  price  adjustments were made in the individual evaluations to  reflect
BTU  content,  gathering and transportation costs and  gas  processing  and
shrinkage.  The results of the reserve report as of January 1, 2002 are  an
average price of $2.00 per Mcf.


<PAGE>
As  also discussed in Part II, Item 7, Management's Discussion and Analysis
of  Financial Condition and Results of Operations, oil and gas prices  were
subject to frequent changes in 2001.

The  evaluation  of  oil and gas properties is not  an  exact  science  and
inevitably involves a significant degree of uncertainty, particularly  with
respect to the quantity of oil or gas that any given property is capable of
producing.   Estimates  of  oil and gas reserves  are  based  on  available
geological and engineering data, the extent and quality of which  may  vary
in  each  case  and,  in  certain instances, may prove  to  be  inaccurate.
Consequently,  properties may be depleted more rapidly than the  geological
and engineering data have indicated.

Unanticipated  depletion, if it occurs, will result in lower reserves  than
previously  estimated; thus an ultimately lower return for the Partnership.
Basic  changes in past reserve estimates occur annually.  As  new  data  is
gathered  during the subsequent year, the engineer must revise his  earlier
estimates.  A year of new information, which is pertinent to the estimation
of  future  recoverable volumes, is available during  the  subsequent  year
evaluation.   In applying industry standards and procedures, the  new  data
may cause the previous estimates to be revised.  This revision may increase
or  decrease the earlier estimated volumes.  Pertinent information gathered
during the year may include actual production and decline rates, production
from  offset  wells  drilled to the same geologic formation,  increased  or
decreased water production, workovers, and changes in lifting costs,  among
others.   Accordingly,  reserve  estimates are  often  different  from  the
quantities of oil and gas that are ultimately recovered.

The  Partnership  has  reserves which are classified  as  proved  developed
producing and proved undeveloped.  All of the proved reserves are  included
in  the  engineering  reports  which  evaluate  the  Partnership's  present
reserves.

Because  the  Partnership  does  not engage  in  drilling  activities,  the
development of proved undeveloped reserves is conducted pursuant  to  farm-
out  arrangements  with  the Managing General Partner  or  unrelated  third
parties.  Generally, the Partnership retains a carried interest such as  an
overriding  royalty  interest under the terms of a  farm-out,  or  receives
cash.

The  Partnership, or the owners of properties in which the Partnership owns
an  interest,  can  engage in workover projects or  supplementary  recovery
projects, for example, to extract behind the pipe reserves which qualify as
proved developed non-producing reserves.  See Part II, Item 7, Management's
Discussion and Analysis of Financial Condition and Results of Operations.

Item 3.   Legal Proceedings

There are no material pending legal proceedings to which the Partnership is
a party.

Item 4.   Submission of Matters to a Vote of Security Holders

No  matter  was submitted to a vote of security holders during  the  fourth
quarter of 2001 through the solicitation of proxies or otherwise.

<PAGE>
                                 Part II


Item 5.   Market for the Registrant's Common Equity and Related Stockholder
          Matters

Market Information
Limited  partnership interests, or units, in the Partnership were initially
offered and sold for a price of $500.  Limited partner units are not traded
on  any  exchange  and there is no public or organized trading  market  for
them.  The Managing General Partner has become aware of certain limited and
sporadic transfers of units between limited partners and third parties, but
has no verifiable information regarding the prices at which such units have
been  transferred.   Further,  a transferee may  not  become  a  substitute
limited partner without the consent of the Managing General Partner.

The  Managing  General Partner has the right, but not  the  obligation,  to
purchase limited partnership units should an investor desire to sell.   The
value  of  the unit is determined  by adding the sum of (1) current  assets
less  liabilities  and  (2) the present value of the  future  net  revenues
attributable to proved reserves and by discounting the future net  revenues
at  a rate not in excess of the prime rate charged by NationsBank, N.A.  of
Midland, Texas plus one percent (1%), which value shall be further  reduced
by  a risk factor discount of no more than one-third (1/3) to be determined
by  the  Managing General Partner in its sole and absolute discretion.   In
2001,  60  limited  partner units were tendered to  and  purchased  by  the
Managing  General Partner at an average base price of $98.72 per unit.   In
2000,  64  limited  partner units were tendered to  and  purchased  by  the
Managing  General Partner at an average base price of $52.28 per unit.   In
1999,  44  limited  partner units were tendered to  and  purchased  by  the
Managing General Partner at an average base price of $72.57 per unit.

Number of Limited Partner Interest Holders
As of December 31, 2001, there were 527 holders of limited partner units in
the Partnership.

Distributions
Pursuant to Article III, Section 3.05 of the Partnership's Certificate  and
Agreement  of  Limited Partnership "Net Cash Flow" is  distributed  to  the
partners  on  a quarterly basis.  "Net Cash Flow" is defined as  "the  cash
generated  by  the  Partnership's investments  in  producing  oil  and  gas
properties,  less  (i)  General and Administrative  Costs,  (ii)  Operating
Costs,  and  (iii) any reserves necessary to meet current  and  anticipated
needs  of  the  Partnership, as determined in the sole  discretion  of  the
Managing General Partner."

<PAGE>
During  2001,  distributions  were made totaling  $379,443,  with  $341,499
distributed  to  the limited partners and $37,944 to the general  partners.
For  the  year ended December 31, 2001, distributions of $31.36 per limited
partner   unit   were  made,  based  upon  10,889  limited  partner   units
outstanding.   During  2000,  quarterly distributions  were  made  totaling
$406,644, with $365,980 distributed to the limited partners and $40,664  to
the  general partners.  For the year ended December 31, 2000, distributions
of  $33.61  per  limited partner unit were made, based upon 10,889  limited
partner  units outstanding.  Distributions for 2000 increased significantly
due to the record high oil and gas prices received during the year.  During
1999, distributions were made totaling $78,268, with $71,268 distributed to
the  limited  partners and $7,000 to the general partners.   For  the  year
ended  December 31, 1999, distributions of $6.54 per limited  partner  unit
were made, based upon 10,889 limited partner units outstanding.

Item 6.   Selected Financial Data

The  following  selected financial data for the years  ended  December  31,
2001,  2000,  1999,  1998 and 1997 should be read in conjunction  with  the
financial statements included in Item 8:

                                    Years ended December 31,
                    --------------------------------------------------------
                       2001       2000        1999      1998        1997
                       ----       ----        ----      ----        ----

Revenues         $    872,635  1,154,753    735,235    682,327  1,327,125

Net income
 (loss)               138,618    496,120    143,687  (762,994)    274,614

Partners' share
 of net income
  (loss):

  General
   partners            20,362     52,512     17,369    (4,789)     48,861

  Limited
   partners           118,256    443,608    126,318  (758,205)    225,753

Limited partners'
 net income
   (loss)  per unit                  10.86      40.74      11.60    (69.63)
20.73

Limited partners'
 cash distributions
  per unit              31.36      33.61       6.54      17.00      42.72

Total assets     $    363,308    603,818    514,356    448,962  1,409,227

<PAGE>

Item 7.   Management's  Discussion and Analysis of Financial Condition  and
          Results of Operations

General
The  Partnership was formed to acquire interests in producing oil  and  gas
properties,  to produce and market crude oil and natural gas produced  from
such  properties and to distribute any net proceeds from operations to  the
general  and  limited partners.  Net revenues from producing  oil  and  gas
properties are not reinvested in other revenue producing assets  except  to
the  extent  that  producing facilities and wells  are  reworked  or  where
methods  are employed to improve or enable more efficient recovery  of  oil
and gas reserves.  The economic life of the Partnership thus depends on the
period  over  which the Partnership's oil and gas reserves are economically
recoverable.

Increases   or   decreases   in  Partnership   revenues   and,   therefore,
distributions  to partners will depend primarily on changes in  the  prices
received  for  production,  changes in volumes of  production  sold,  lease
operating  expenses, enhanced recovery projects, offset drilling activities
pursuant  to  farm-out arrangements and on the depletion of  wells.   Since
wells  deplete over time, production can generally be expected  to  decline
from year to year.

Well  operating costs and general and administrative costs usually decrease
with   production   declines;  however,  these  costs  may   not   decrease
proportionately.   Net  income available for distribution  to  the  limited
partners  is therefore expected to fluctuate in later years based on  these
factors.

Based on current conditions, management anticipates performing no workovers
during 2002 to enhance production.  The partnership will most likely
experience the historical production decline of approximately 9% per year.

Critical Accounting Policies
Full cost ceiling calculations The Partnership follows the full cost method
of  accounting  for  its  oil and gas properties.   The  full  cost  method
subjects  companies to quarterly calculations of a "ceiling", or limitation
on  the  amount of properties that can be capitalized on the balance sheet.
If  the  Partnership's capitalized costs are in excess  of  the  calculated
ceiling, the excess must be written off as an expense.

The  Partnership's discounted present value of its proved oil  and  natural
gas  reserves  is  a  major  component  of  the  ceiling  calculation,  and
represents  the  component  that requires the  most  subjective  judgments.
Estimates  of  reserves are forecasts based on engineering data,  projected
future  rates  of  production and the timing of future  expenditures.   The
process  of  estimating oil and natural gas reserves  requires  substantial
judgment,  resulting  in  imprecise determinations,  particularly  for  new
discoveries.   Different reserve engineers may make different estimates  of
reserve  quantities  based  on the same data.   The  Partnership's  reserve
estimates are prepared by outside consultants.

The  passage  of  time  provides  more  qualitative  information  regarding
estimates of reserves, and revisions are made to prior estimates to reflect
updated  information.   However,  there  can  be  no  assurance  that  more
significant  revisions  will not be necessary in  the  future.   If  future
significant  revisions  are  necessary  that  reduce  previously  estimated
reserve quantities, it could result in a full cost property writedown.   In
addition to the impact of these estimates of proved reserves on calculation
of  the  ceiling,  estimates  of proved reserves  are  also  a  significant
component of the calculation of DD&A.

While  the quantities of proved reserves require substantial judgment,  the
associated prices of oil and natural gas reserves that are included in  the
discounted  present  value of the reserves do not  require  judgment.   The
ceiling calculation dictates that prices and costs in effect as of the last
day  of  the  period are generally held constant indefinitely. Because  the
ceiling  calculation dictates that prices in effect as of the last  day  of
the  applicable quarter are held constant indefinitely, the resulting value
is  not indicative of the true fair value of the reserves.  Oil and natural
gas  prices have historically been cyclical and, on any particular  day  at
the  end of a quarter, can be either substantially higher or lower than the
Partnership's  long-term price forecast that is a barometer for  true  fair
value.

<PAGE>
The  Partnership's policy for depreciation, depletion and  amortization  of
oil  and  gas  properties is computed under the units  of  revenue  method.
Under the units of revenue method, depreciation, depletion and amortization
is  computed  on  the  basis of current gross revenues from  production  in
relation  to future gross revenues, based on current prices, from estimated
production of proved oil and gas reserves.

Results of Operations

A.  General Comparison of the Years Ended December 31, 2001 and 2000

The  following  table  provides certain information  regarding  performance
factors for the years ended December 31, 2001 and 2000:

                                                  Year Ended     Percentage
                                                 December 31,     Increase
                                                2001      2000   (Decrease)

Average price per barrel of oil            $   22.42    28.15    (20%)
Average price per mcf of gas               $    3.40     3.97    (14%)
Oil production in barrels                     30,900   33,700     (8%)
Gas production in mcf                         52,000   50,700       3%
Gross oil and gas revenue                  $ 869,8061,150,000    (24%)
Net oil and gas revenue                    $ 278,649  597,207    (53%)
Partnership distributions                  $ 379,443  406,644     (7%)
Limited partner distributions              $ 341,499  365,980     (7%)
Per unit distribution to limited partners  $   31.36    33.61     (7%)
Number of limited partner units               10,889   10,889

Revenues

The   Partnership's  oil  and  gas  revenues  decreased  to  $869,806  from
$1,150,000 for the years ended December 31, 2001 and 2000, respectively,  a
decrease  of  24%.  The principal factors affecting the comparison  of  the
years ended December 31, 2001 and 2000 are as follows:

1.  The  average  price  for a barrel of oil received  by  the  Partnership
    decreased  during the year ended December 31, 2001 as compared  to  the
    year ended December 31, 2000 by 20%, or $5.73 per barrel, resulting  in
    a decrease of approximately $177,100 in revenues. Oil sales represented
    80%  of total oil and gas sales during the year ended December 31, 2001
    as compared to 82% during the year ended December 31, 2000.

    The  average  price  for  an  mcf of gas received  by  the  Partnership
    decreased during the same period by 14%, or $.57 per mcf, resulting  in
    a decrease of approximately $29,600 in revenues.

    The  total  decrease in revenues due to the change in  prices  received
    from  oil  and  gas production is approximately $206,700.   The  market
    price  for oil and gas has been extremely volatile over the past decade
    and  management expects a certain amount of volatility to  continue  in
    the foreseeable future.

<PAGE>
2.  Oil  production decreased approximately 2,800 barrels or 8% during  the
    year ended December 31, 2001 as compared to the year ended December 31,
    2000, resulting in a decrease of approximately $78,800 in revenues.

    Gas  production increased approximately 1,300 mcf or 3% during the same
    period, resulting in an increase of approximately $5,200 in revenues.

    The  net total decrease in revenues due to the change in production  is
    approximately $73,600.

Costs and Expenses

Total  costs and expenses increased to $734,017 from $658,633 for the years
ended  December 31, 2001 and 2000, respectively, an increase of  11%.   The
increase  is  the  result  of  higher lease operating  costs,  general  and
administrative costs and depletion expense.

1.    Lease  operating  costs  and production  taxes  were  7%  higher,  or
   approximately $38,400 more during the year ended December  31,  2001  as
   compared to the year ended December 31, 2000.

2.  General and administrative costs consist of independent accounting  and
    engineering  fees,  computer services, postage,  and  Managing  General
    Partner personnel costs.  General and administrative costs increased 1%
    or  approximately  $1,000 during the year ended December  31,  2001  as
    compared to the year ended December 31, 2000.

3.  Depletion expense increased to $65,000 for the year ended December  31,
    2001  from  $29,000  for the same period in 2000.  This  represents  an
    increase  of 124%.  Depletion is calculated using the units of  revenue
    method  of  amortization based on a percentage of current period  gross
    revenues  to  total future gross oil and gas revenues, as estimated  by
    the Partnership's independent petroleum consultants.

    The  major  factor  to  the increase in depletion expense  between  the
    comparative periods was the decrease in the price of oil and  gas  used
    to determine the Partnership's reserves for January 1, 2002 as compared
    to  2001,  and  the decrease in oil and gas revenues  received  by  the
    Partnership  during  2001 as compared to 2000.  Revisions  of  previous
    estimates  can be attributed to the changes in production  performance,
    oil  and  gas  price and production costs.  The impact of the  revision
    would  have  increased depletion expense approximately  $26,000  as  of
    December 31, 2000.


<PAGE>

Results of Operations

B.  General Comparison of the Years Ended December 31, 2000 and 1999

The  following  table  provides certain information  regarding  performance
factors for the years ended December 31, 2000 and 1999:

                                                  Year Ended     Percentage
                                                 December 31,     Increase
                                                2000      1999   (Decrease)

Average price per barrel of oil            $   28.15    16.15      74%
Average price per mcf of gas               $    3.97     2.26      76%
Oil production in barrels                     33,700   37,800    (11%)
Gas production in mcf                         50,700   54,670     (7%)
Gross oil and gas revenue                  $1,150,000 734,011      57%
Net oil and gas revenue                    $ 597,207  249,535     139%
Partnership distributions                  $ 406,644   78,268     420%
Limited partner distributions              $ 365,980   71,268     414%
Per unit distribution to limited partners  $   33.61     6.54     414%
Number of limited partner units               10,889   10,889

Revenues

The  Partnership's  oil  and  gas revenues  increased  to  $1,150,000  from
$734,011  for the years ended December 31, 2000 and 1999, respectively,  an
increase  of  57%.  The principal factors affecting the comparison  of  the
years ended December 31, 2000 and 1999 are as follows:

1.  The  average  price  for a barrel of oil received  by  the  Partnership
    increased  during the year ended December 31, 2000 as compared  to  the
    year ended December 31, 1999 by 74%, or $12.00 per barrel, resulting in
    an   increase  of  approximately  $404,400  in  revenues.   Oil   sales
    represented  82%  of  total oil and gas sales  during  the  year  ended
    December 31, 2000 as compared to 83% during the year ended December 31,
    1999.

    The  average  price  for  an  mcf of gas received  by  the  Partnership
    increased during the same period by 76%, or $1.71 per mcf, resulting in
    an increase of approximately $86,700 in revenues.

    The  total  increase in revenues due to the change in  prices  received
    from  oil  and  gas production is approximately $491,100.   The  market
    price  for oil and gas has been extremely volatile over the past decade
    and  management expects a certain amount of volatility to  continue  in
    the foreseeable future.

<PAGE>
2.  Oil  production decreased approximately 4,100 barrels or 11% during the
    year ended December 31, 2000 as compared to the year ended December 31,
    1999, resulting in a decrease of approximately $66,200 in revenues.

    Gas  production decreased approximately 3,970 mcf or 7% during the same
    period, resulting in a decrease of approximately $9,000 in revenues.

    The  total  decrease  in revenues due to the change  in  production  is
    approximately $75,200.

Costs and Expenses

Total  costs and expenses increased to $658,633 from $591,548 for the years
ended  December 31, 2000 and 1999, respectively, an increase of  11%.   The
increase is the result of higher lease operating costs, partially offset by
a decrease in general and administrative costs and depletion expense.

2.    Lease  operating  costs  and production taxes  were  14%  higher,  or
   approximately $68,300 more during the year ended December  31,  2000  as
   compared to the year ended December 31, 1999.

2.  General and administrative costs consist of independent accounting  and
    engineering  fees,  computer services, postage,  and  Managing  General
    Partner  personnel costs.  General and administrative  costs  decreased
    less  than 1% or approximately $200 during the year ended December  31,
    2000 as compared to the year ended December 31, 1999.

3.  Depletion expense decreased to $29,000 for the year ended December  31,
    2000  from  $30,000  for the same period in 1999.   This  represents  a
    decrease  of  3%.  Depletion is calculated using the units  of  revenue
    method  of  amortization based on a percentage of current period  gross
    revenues  to  total future gross oil and gas revenues, as estimated  by
    the Partnership's independent petroleum consultants.

    The  major  factor  to  the decrease in depletion expense  between  the
    comparative periods was the increase in the price of oil and  gas  used
    to determine the Partnership's reserves for January 1, 2001 as compared
    to  2000.   Revisions of previous estimates can be  attributed  to  the
    changes  in  production performance, oil and gas price  and  production
    costs.   The  impact  of  the revision would have  increased  depletion
    expense approximately $6,000 as of December 31, 1999.


<PAGE>

C.  Revenue and Distribution Comparison

Partnership income for the years ended December 31, 2001, 2000 and 1999 was
$138,618,  $496,120 and $143,687, respectively.  Excluding the  effects  of
depreciation,  depletion  and amortization,  net  income  would  have  been
$203,618  in 2001, $525,120 in 2000 and $173,687 in 1999.  Correspondingly,
Partnership distributions for the years ended December 31, 2001,  2000  and
1999  were $379,443, $406,644 and $78,268, respectively.  These differences
are  indicative  of  the  changes in oil and  gas  prices,  production  and
property sales.

The  source  for  the  2001  distributions of $379,443  were  oil  and  gas
operations  of  approximately  $316,400 and  the  change  in  oil  and  gas
properties of approximately $(16,700), with the balance from available cash
on  hand  at  the  beginning  of  the period.   The  source  for  the  2000
distributions  of  $406,644  were oil and gas operations  of  approximately
$493,500  and  the  change  in  oil  and gas  properties  of  approximately
$(29,500),  resulting  in  excess  cash  for  contingencies  or  subsequent
distributions.  The source for the 1999 distributions of $78,268  were  oil
and  gas operations of approximately $74,300 and the change in oil and  gas
properties of approximately $(7,700), with the balance from available  cash
on hand at the beginning of the period.

Total  distributions during the year ended December 31, 2001 were  $379,443
of  which  $341,499 was distributed to the limited partners and $37,944  to
the general partners.  The per unit distribution to limited partners during
the  same  period was $31.36.  Total distributions during  the  year  ended
December  31, 2000 were $406,644 of which $365,980 was distributed  to  the
limited  partners  and  $40,664  to the general  partners.   The  per  unit
distribution to limited partners during the same period was $33.61.   Total
distributions during the year ended December 31, 1999 were $78,268 of which
$71,268  was distributed to the limited partners and $7,000 to the  general
partners.   The per unit distribution to limited partners during  the  same
period was $6.54.

Since  inception of the Partnership, cumulative monthly cash  distributions
of  $5,430,382  have been made to the partners.  As of December  31,  2001,
$4,913,799 or $451.26 per limited partner unit, has been distributed to the
limited partners, representing a 90% return of the capital contributed.

<PAGE>

Liquidity and Capital Resources

The  primary source of cash is from operations, the receipt of income  from
interests in oil and gas properties.  The Partnership knows of no  material
change, nor does it anticipate any such change.

Cash flows provided by operating activities were approximately $316,400  in
2001  compared to $493,500 in 2000 and approximately $74,300 in 1999.   The
primary  source  of  the  2001  cash flow  from  operating  activities  was
profitable operations.

Cash  flows used in investing activities were approximately $16,700 in 2001
compared  to  $29,500  in  2000  and approximately  $7,700  in  1999.   The
principle use of the 2001 cash flow from investing activities was additions
to oil and gas properties.

Cash flows used in financing activities were approximately $379,100 in 2001
compared  to $406,700 in 2000 and approximately $78,300 in 1999.  The  only
use in the 2001 financing activities was the distributions to partners.

As  of  December  31,  2001  the Partnership had approximately  $52,600  in
working  capital.   The  Managing  General  Partner  knows  of  no  unusual
contractual commitments and believes the revenues generated from operations
are adequate to meet the needs of the Partnership.

Liquidity - Managing General Partner

The  Managing General Partner has a highly leveraged capital structure with
$50.0  million and $123.7 million of principal due in August  of  2003  and
October  of  2004, respectively.  The Managing General Partner  will  incur
approximately  $17.6  million in interest payments  in  2002  on  its  debt
obligations. Due to the depressed commodity prices experienced  during  the
last  quarter  of  2001,  the  Managing  General  Partner  is  experiencing
difficulty  in generating sufficient cash flow to meet its obligations  and
sustain its operations.  The Managing General Partner is currently  in  the
process  of  renegotiating the terms of its various  obligations  with  its
creditors  and/or  attempting  to seek new  lenders  or  equity  investors.
Additionally,  the  Managing General Partner would  consider  disposing  of
certain assets in order to meet its obligations.

There  can  be  no  assurance  that  the Managing  General  Partner's  debt
restructuring efforts will be successful or that the lenders will agree  to
a   course   of  action  consistent  with  the  Managing  General  Partners
requirements  in restructuring the obligations.  Even if such agreement  is
reached,  it  may  require approval of additional  lenders,  which  is  not
assured.   Furthermore, there can be no assurance that the sales of  assets
can  be  successfully  accomplished on terms  acceptable  to  the  Managing
General   Partner.   Under  current  circumstances,  the  Managing  General
Partner's  ability to continue as a going concern depends upon its  ability
to  (1)  successfully  restructure  its obligations  or  obtain  additional
financing  as  may  be  required, (2) maintain  compliance  with  all  debt
covenants, (3) generate sufficient cash flow to meet its obligations  on  a
timely  basis, and (4) achieve satisfactory levels of future earnings.   If
the  Managing  General Partner is unsuccessful in its efforts,  it  may  be
unable to meet its obligations making it necessary to undertake such  other
actions  as  may  be  appropriate  to  preserve  asset  values.   Upon  the
occurrence of any event of dissolution by the Managing General Partner, the
holders  of  a  majority of limited partnership interests may,  by  written
agreement,  elect  to  continue the business  of  the  Partnership  in  the
Partnership's   name,  with  Partnership  property,  in   a   reconstituted
partnership under the terms of the partnership agreement and to designate a
successor Managing General Partner.

<PAGE>
Recent Accounting Pronouncements

In June 1998, the Financial Accounting Standards Board ("FASB") issued
Statement of Financial Accounting Standards ("SFAS") No.133, "Accounting
for Derivative Instruments and Hedging Activities."  SFAS No. 133, as
amended by SFAS No. 138, establishes accounting and reporting standards for
derivative instruments, including certain derivative instruments embedded
in other contracts and for hedging activities.  Assessment by the Managing
General Partner revealed this pronouncement to have no impact on the
partnerships.

The FASB has issued Statement No. 143 "Accounting for Asset Retirement
Obligations" which establishes requirements for the accounting of removal-
type costs associated with asset retirements.  The standard is effective
for fiscal years beginning after June 15, 2002, with earlier application
encouraged.  The Managing General Partner is currently assessing the impact
on the partnerships financial statements.

On  October 3, 2001, the FASB issued Statements No. 144 "Accounting for the
Impairment   or   Disposal  of  Long-Lived  Assets."   This   pronouncement
supercedes FAS 121 "Accounting for the Impairment of Long-Lived Assets  and
for  Long-Lived  Assets to Be Disposed" and eliminates the  requirement  of
Statement  121 to allocate goodwill to long-lived assets to be  tested  for
impairment.   The provisions of this statement are effective for  financial
statements issued for fiscal years beginning after December 15,  2001,  and
interim periods within those fiscal years.  The Managing General Partner is
currently assessing the impact to the partnerships financial statements.

Item 7A.  Quantitative and Qualitative Disclosures About Market Risk

The  Partnership  is  not a party to any derivative or embedded  derivative
instruments.

<PAGE>
Item 8.   Financial Statements and Supplementary Data

                      Index to Financial Statements

                                                                       Page

Independent Auditors Report                                             19

Balance Sheets                                                          20

Statements of Operations                                                21

Statement of Changes in Partners' Equity                                22

Statements of Cash Flows                                                23

Notes to Financial Statements                                           25

<PAGE>









                        INDEPENDENT AUDITORS REPORT

The Partners
Southwest Oil & Gas Income Fund X-B, L.P.
 (A Delaware Limited Partnership):


We  have  audited the accompanying balance sheets of Southwest  Oil  &  Gas
Income Fund X-B, L.P. (the "Partnership") as of December 31, 2001 and 2000,
and  the related statements of operations, changes in partners' equity  and
cash  flows  for each of the years in the three year period ended  December
31,  2001.   These  financial  statements are  the  responsibility  of  the
Partnership's management.  Our responsibility is to express an  opinion  on
these financial statements based on our audits.

We  conducted  our  audits in accordance with auditing standards  generally
accepted in the United States of America.  Those standards require that  we
plan and perform the audit to obtain reasonable assurance about whether the
financial statements are free of material misstatement.  An audit  includes
examining, on a test basis, evidence supporting the amounts and disclosures
in  the  financial  statements.   An  audit  also  includes  assessing  the
accounting principles used and significant estimates made by management, as
well  as  evaluating  the  overall financial  statement  presentation.   We
believe that our audits provide a reasonable basis for our opinion.

In  our opinion, the financial statements referred to above present fairly,
in  all  material respects, the financial position of Southwest Oil  &  Gas
Income  Fund X-B, L.P. as of December 31, 2001 and 2000 and the results  of
its  operations and its cash flows for each of the years in the three  year
period  ended  December  31, 2001 in conformity with accounting  principles
generally accepted in the United States of America.








                                                  KPMG LLP



Midland, Texas
March 10, 2002

<PAGE>
                Southwest Oil & Gas Income Fund X-B, L.P.
                     (a Delaware limited partnership)
                              Balance Sheets
                        December 31, 2001 and 2000


                                                      2001          2000
                                                      ----          ----

  Assets
  ------

Current assets:
 Cash and cash equivalents                   $        13,190       92,659
 Receivable from Managing General Partner             39,827      152,562

---------                                    ---------
                                                 Total    current    assets
53,017                                       245,221

---------                                    ---------
Oil and gas properties - using the full-
 cost method of accounting                         4,459,997    4,443,303
  Less accumulated depreciation,
                                               depletion  and  amortization
4,149,706                                    4,084,706

---------                                    ---------
                                              Net  oil  and gas  properties
310,291                                      358,597

---------                                    ---------
                                                                          $
363,308                                      603,818

=========                                    =========
  Liabilities and Partners' Equity
  --------------------------------

Current liability - distribution payable     $           373           58

---------                                    ---------
Partners' equity:
 General partners                                    (6,219)       11,363
 Limited partners                                    369,154      592,397

---------                                    ---------
                                                Total    partners'   equity
362,935                                      603,760

---------                                    ---------
                                                                          $
363,308                                      603,818

=========                                    =========
























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

<PAGE>
                Southwest Oil & Gas Income Fund X-B, L.P.
                     (a Delaware limited partnership)
                         Statements of Operations
               Years ended December 31, 2001, 2000 and 1999


                                                2001      2000      1999
                                                ----      ----      ----
  Revenues
  --------

Oil and gas income                        $    869,806 1,150,000  734,011
Interest from operations                         2,829     4,483    1,224
Miscellaneous income                                 -       270        -
                                                                  ---------
---------                                 ---------
                                                                    872,635
1,154,753                                 735,235
                                                                  ---------
---------                                 ---------
  Expenses
  --------

Production                                     591,157   552,793  484,476
General and administrative                      77,860    76,840   77,072
Depreciation, depletion and amortization        65,000    29,000   30,000
                                                                  ---------
---------                                 ---------
                                                                    734,017
658,633                                   591,548
                                                                  ---------
---------                                 ---------
Net income                                $    138,618   496,120  143,687
                                                                  =========
=========                                 =========

Net income allocated to:

 Managing General Partner                 $     18,326    47,261   15,632
                                                                  =========
=========                                 =========
 General Partner                          $      2,036     5,251    1,737
                                                                  =========
=========                                 =========
 Limited partners                         $    118,256   443,608  126,318
                                                                  =========
=========                                 =========
  Per limited partner unit                $      10.86     40.74    11.60
                                                                  =========
=========                                 =========

























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

<PAGE>
                Southwest Oil & Gas Income Fund X-B, L.P.
                     (a Delaware limited partnership)
                 Statement of Changes in Partners' Equity
               Years ended December 31, 2001, 2000 and 1999


                                              General   Limited
                                              Partners  Partners   Total
                                              --------  --------   -----
Balance at December 31, 1998            $   (10,854)    459,719   448,865

 Net income                                   17,369    126,318   143,687

 Distributions                               (7,000)   (71,268)  (78,268)
                                                                    -------
---------                               ---------
Balance at December 31, 1999                   (485)    514,769   514,284

 Net income                                   52,512    443,608   496,120

 Distributions                              (40,664)  (365,980) (406,644)
                                                                    -------
---------                               ---------
Balance at December 31, 2000                  11,363    592,397   603,760

 Net income                                   20,362    118,256   138,618

 Distributions                              (37,944)  (341,499) (379,443)
                                                                    -------
---------                               ---------
Balance at December 31, 2001            $    (6,219)    369,154   362,935
                                                                    =======
=========                               =========



































                  The accompanying notes are an integral
                   part of these financial statements.
<PAGE>
                Southwest Oil & Gas Income Fund X-B, L.P.
                     (a Delaware limited partnership)
                         Statements of Cash Flows
               Years ended December 31, 2001, 2000 and 1999


                                                 2001      2000     1999
                                                 ----      ----     ----

Cash flows from operating activities:

 Cash received from oil and gas sales     $    989,012 1,087,471  648,055
 Cash paid to Managing General Partner
  for production expense, administrative
   fees  and general and administrative overhead         (675,488)(598,462)
(575,015)
 Interest received                               2,829     4,483    1,224
                                                                  ---------
---------                                 ---------
   Net  cash provided by operating activities              316,353  493,492
74,264
                                                                  ---------
---------                                 ---------
Cash flows used in investing activities:

 Additions to oil and gas properties          (16,694)  (29,520)  (7,653)
                                                                  ---------
---------                                 ---------
Cash flows used in financing activities:

 Distributions to partners                   (379,128) (406,658) (78,293)
                                                                  ---------
---------                                 ---------
Net (decrease) increase in cash and cash
 equivalents                                  (79,469)    57,314 (11,682)

 Beginning of period                            92,659    35,345   47,027
                                                                  ---------
---------                                 ---------
 End of period                            $     13,190    92,659   35,345
                                                                  =========
=========                                 =========


(continued)




























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

<PAGE>
                Southwest Oil & Gas Income Fund X-B, L.P.
                     (a Delaware limited partnership)
                   Statements of Cash Flows, continued
               Years ended December 31, 2001, 2000 and 1999


                                                  2001     2000      1999
                                                  ----     ----      ----

Reconciliation of net income to net
 cash provided by operating activities:

Net income                                $    138,618   496,120  143,687

Adjustments to reconcile net income to
 net cash provided by operating activities:

   Depreciation, depletion and amortization                65,000    29,000
30,000
  Decrease (increase) in receivables           119,206  (62,799) (85,956)
  (Decrease) increase in payables              (6,471)    31,171 (13,467)
                                                                    -------
-------                                   -------
Net cash provided by operating activities $    316,353   493,492   74,264
                                                                    =======
=======                                   =======









































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

<PAGE>
                Southwest Oil & Gas Income Fund X-B, L.P.
                     (a Delaware limited partnership)

                      Notes to Financial Statements

1.   Organization
     Southwest Oil & Gas Income Fund X-B, L.P. was organized under the laws
     of  the  state  of Delaware on November 27, 1990 for  the  purpose  of
     acquiring  producing oil and gas properties and to produce and  market
     crude oil and natural gas produced from such properties for a term  of
     50  years, unless terminated at an earlier date as provided for in the
     Partnership  Agreement.   The  Partnership  sells  its  oil  and   gas
     production  to  a  variety of purchasers with the prices  it  receives
     being  dependent  upon the oil and gas economy.  Southwest  Royalties,
     Inc. serves as the Managing General Partner and H. H. Wommack, III, as
     the  individual  general partner.  Revenues, costs  and  expenses  are
     allocated as follows:

                                                     Limited      General
                                                     Partners     Partners
                                                     --------     --------

     Interest income on capital contributions        100%           -
     Oil and gas sales                                90%          10%
     All other revenues                               90%          10%
     Organization and offering costs (1)             100%           -
     Amortization or organization costs              100%           -
     Property acquisition costs                      100%           -
     Gain/loss on property disposition                90%          10%
     Operating and administrative costs (2)           90%          10%
     Depreciation, depletion, and amortization
      of oil and gas properties                      100%           -
     All other costs                                  90%          10%

          (1)   All  organization costs in excess of 3% of initial  capital
          contributions  will be paid by the Managing General  Partner  and
          will  be treated as a capital contribution.  The Partnership paid
          the  Managing  General Partner an amount equal to 3%  of  initial
          capital contributions for such organization costs.

          (2)   Administrative costs in any year which exceed 2% of capital
          contributions shall be paid by the Managing General  Partner  and
          will be treated as a capital contribution.

2.   Summary of Significant Accounting Policies

     Oil and Gas Properties
     Oil  and  gas properties are accounted for at cost under the full-cost
     method.   Under  this  method, all productive and nonproductive  costs
     incurred   in   connection  with  the  acquisition,  exploration   and
     development of oil and gas reserves are capitalized.  Gain or loss  on
     the   sale  of  oil  and  gas  properties  is  not  recognized  unless
     significant oil and gas reserves are involved.

     The  Partnership's policy for depreciation, depletion and amortization
     of  oil  and  gas  properties is computed under the units  of  revenue
     method.   Under  the units of revenue method, depreciation,  depletion
     and  amortization is computed on the basis of current  gross  revenues
     from production in relation to future gross revenues, based on current
     prices, from estimated production of proved oil and gas reserves.

     Under  the  units  of  revenue method, the  Partnership  computes  the
     provision  by multiplying the total unamortized cost of  oil  and  gas
     properties by an overall rate determined by dividing (a) oil  and  gas
     revenues during the period by (b) the total future gross oil  and  gas
     revenues  as  estimated  by  the Partnership's  independent  petroleum
     consultants.   It  is  reasonably possible  that  those  estimates  of
     anticipated  future  gross revenues, the remaining estimated  economic
     life of the production, or both could be changed significantly in  the
     near  term  due to the potential fluctuation of oil and gas prices  or
     production.   The  depletion estimate would also be affected  by  this
     change.


<PAGE>
                Southwest Oil & Gas Income Fund X-B, L.P.
                     (a Delaware limited partnership)

                      Notes to Financial Statements

2.   Summary of Significant Accounting Policies- continued

     Oil and Gas Properties - continued
     Should the net capitalized costs exceed the estimated present value of
     oil  and  gas reserves, discounted at 10%, such excess costs would  be
     charged to current expense. As of December 31, 2001, 2000 and 1999 the
     net  capitalized costs did not exceed the estimated present  value  of
     oil and gas reserves.

     Estimates and Uncertainties
     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 and disclosure of contingent assets and liabilities at the
     date  of the financial statements and the reported amounts of revenues
     and  expenses during the reporting period. The Partnerships  depletion
     calculation and full-cost ceiling test for oil and gas properties uses
     oil and gas reserves estimates, which are inherently imprecise. Actual
     results could differ from those estimates.

     Syndication Costs
     Syndication  costs  are  accounted for as a reduction  of  partnership
     equity.

     Environmental Costs
     The  Partnership  is  subject to extensive federal,  state  and  local
     environmental laws and regulations.  These laws, which are  constantly
     changing, regulate the discharge of materials into the environment and
     may  require  the Partnership to remove or mitigate the  environmental
     effects of the disposal or release of petroleum or chemical substances
     at   various  sites.   Environmental  expenditures  are  expensed   or
     capitalized  depending on their future economic benefit.  Costs  which
     improve a property as compared with the condition of the property when
     originally  constructed  or acquired and costs  which  prevent  future
     environmental contamination are capitalized.  Expenditures that relate
     to  an  existing condition caused by past operations and that have  no
     future  economic benefits are expensed.  Liabilities for  expenditures
     of  a  non-capital  nature are recorded when environmental  assessment
     and/or  remediation  is  probable, and the  costs  can  be  reasonably
     estimated.

     Gas Balancing
     The  Partnership  utilizes the sales method  of  accounting  for  gas-
     balancing  arrangements.  Under this method the Partnership recognizes
     sales  revenue  on all gas sold.  As of December 31,  2001,  2000  and
     1999, there were no significant amounts of imbalance in terms of units
     and value.

     Income Taxes
     No  provision  for  income  taxes  is  reflected  in  these  financial
     statements, since the tax effects of the Partnership's income or  loss
     are passed through to the individual partners.

     In   accordance  with  the  requirements  of  Statement  of  Financial
     Accounting  Standards  No.  109, "Accounting  for  Income  Taxes,  the
     Partnership's tax basis in its net oil and gas properties at  December
     31,  2001  and 2000 is $236,284 and $288,582, respectively, more  than
     that  shown  on  the  accompanying Balance Sheets in  accordance  with
     generally accepted accounting principles.

     Cash and Cash Equivalents
     For purposes of the statement of cash flows, the Partnership considers
     all  highly liquid debt instruments purchased with a maturity of three
     months or less to be cash equivalents.  The Partnership maintains  its
     cash at one financial institution.

<PAGE>
                Southwest Oil & Gas Income Fund X-B, L.P.
                     (a Delaware limited partnership)

                      Notes to Financial Statements

2.   Summary of Significant Accounting Policies - continued

     Number of per Limited Partner Units
     As  of  December  31, 2001, 2000 and 1999, there were  10,889  limited
     partner units outstanding held by 527, 527 and 528 partners.

     Concentrations of Credit Risk
     The  Partnership is subject to credit risk through trade  receivables.
     Although  a  substantial portion of its debtors'  ability  to  pay  is
     dependent upon the oil and gas industry, credit risk is minimized  due
     to  a  large customer base.  All partnership revenues are received  by
     the   Managing  General  Partner  and  subsequently  remitted  to  the
     partnership and all expenses are paid by the Managing General  Partner
     and subsequently reimbursed by the partnership.

     Fair Value of Financial Instruments
     The  carrying amount of cash and accounts receivable approximates fair
     value due to the short maturity of these instruments.

     Net Income (loss) per limited partnership unit
     The  net  income (loss) per limited partnership unit is calculated  by
     using the number of outstanding limited partnership units.

     Recent Accounting Pronouncements
     In June 1998, the Financial Accounting Standards Board ("FASB") issued
     Statement   of   Financial  Accounting  Standards   ("SFAS")   No.133,
     "Accounting for Derivative Instruments and Hedging Activities."   SFAS
     No.  133,  as  amended  by  SFAS No. 138, establishes  accounting  and
     reporting  standards  for  derivative instruments,  including  certain
     derivative  instruments embedded in other contracts  and  for  hedging
     activities.  Assessment by the Managing General Partner revealed  this
     pronouncement to have no impact on the partnerships.

     The FASB has issued Statement No. 143 "Accounting for Asset Retirement
     Obligations"  which  establishes requirements for  the  accounting  of
     removal-type costs associated with asset retirements.  The standard is
     effective for fiscal years beginning after June 15, 2002, with earlier
     application  encouraged.  The Managing General  Partner  is  currently
     assessing the impact on the partnerships financial statements.

     On October 3, 2001, the FASB issued Statements No. 144 "Accounting for
     the  Impairment or Disposal of Long-Lived Assets."  This pronouncement
     supercedes FAS 121 "Accounting for the Impairment of Long-Lived Assets
     and   for  Long-Lived  Assets  to  Be  Disposed"  and  eliminates  the
     requirement of Statement 121 to allocate goodwill to long-lived assets
     to  be  tested  for impairment.  The provisions of this statement  are
     effective  for financial statements issued for fiscal years  beginning
     after  December  15,  2001, and interim periods  within  those  fiscal
     years.  The Managing General Partner is currently assessing the impact
     to the partnerships financial statements.

3.   Liquidity - Managing General Partner
     The  Managing General Partner has a highly leveraged capital structure
     with  $50.0 million and $123.7 million of principal due in  August  of
     2003  and October of 2004, respectively.  The Managing General Partner
     will incur approximately $17.6 million in interest payments in 2002 on
     its   debt   obligations.  Due  to  the  depressed  commodity   prices
     experienced  during  the last quarter of 2001,  the  Managing  General
     Partner is experiencing difficulty in generating sufficient cash  flow
     to  meet  its  obligations and sustain its operations.   The  Managing
     General Partner is currently in the process of renegotiating the terms
     of  its  various obligations with its creditors and/or  attempting  to
     seek  new  lenders  or equity investors.  Additionally,  the  Managing
     General Partner would consider disposing of certain assets in order to
     meet its obligations.

<PAGE>
                Southwest Oil & Gas Income Fund X-B, L.P.
                     (a Delaware limited partnership)

                      Notes to Financial Statements

3.   Liquidity - Managing General Partner - continued
     There  can  be  no assurance that the Managing General Partner's  debt
     restructuring  efforts  will be successful or that  the  lenders  will
     agree  to  a  course  of action consistent with the  Managing  General
     Partners requirements in restructuring the obligations.  Even if  such
     agreement  is reached, it may require approval of additional  lenders,
     which is not assured.  Furthermore, there can be no assurance that the
     sales  of  assets can be successfully accomplished on terms acceptable
     to  the  Managing  General Partner.  Under current circumstances,  the
     Managing  General  Partner's ability to continue as  a  going  concern
     depends   upon  its  ability  to  (1)  successfully  restructure   its
     obligations  or  obtain additional financing as may be  required,  (2)
     maintain  compliance with all debt covenants, (3) generate  sufficient
     cash  flow to meet its obligations on a timely basis, and (4)  achieve
     satisfactory  levels  of  future earnings.  If  the  Managing  General
     Partner  is unsuccessful in its efforts, it may be unable to meet  its
     obligations making it necessary to undertake such other actions as may
     be  appropriate to preserve asset values.  Upon the occurrence of  any
     event of dissolution by the Managing General Partner, the holders of a
     majority  of limited partnership interests may, by written  agreement,
     elect to continue the business of the Partnership in the Partnership's
     name,  with Partnership property, in a reconstituted partnership under
     the  terms  of the partnership agreement and to designate a  successor
     Managing General Partner.

4.   Commitments and Contingent Liabilities
     The Managing General Partner has the right, but not the obligation, to
     purchase limited partnership units should an investor desire to  sell.
     The  value of the unit is determined by adding the sum of (1)  current
     assets  less liabilities and (2) the present value of the  future  net
     revenues attributable to proved reserves and by discounting the future
     net  revenues  at  a rate not in excess of the prime rate  charged  by
     NationsBank, N.A. of Midland, Texas plus one percent (1%), which value
     shall be further reduced by a risk factor discount of no more than one-
     third  (1/3) to be determined by the Managing General Partner  in  its
     sole and absolute discretion.

     The  Partnership  is  subject  to various  federal,  state  and  local
     environmental  laws  and  regulations, which establish  standards  and
     requirements  for  protection  of the  environment.   The  Partnership
     cannot  predict the future impact of such standards and  requirements,
     which  are  subject to change and can have retroactive  effectiveness.
     The  Partnership  continues to monitor the status of  these  laws  and
     regulations.

<PAGE>
                Southwest Oil & Gas Income Fund X-B, L.P.
                     (a Delaware limited partnership)

                      Notes to Financial Statements

4.   Commitments and Contingent Liabilities - continued
     As  of December 31, 2001, the Partnership has not been fined, cited or
     notified  of any environmental violations and management is not  aware
     of  any  unasserted  violations which would have  a  material  adverse
     effect upon capital expenditures, earnings or the competitive position
     in  the  oil and gas industry.  However, the Managing General  Partner
     does  recognize  by  the very nature of its business,  material  costs
     could be incurred in the near term to bring the Partnership into total
     compliance.   The amount of such future expenditures is  not  reliably
     determinable  due to several factors, including the unknown  magnitude
     of  possible  contaminations, the unknown timing  and  extent  of  the
     corrective  actions  which may be required, the determination  of  the
     Partnership's liability in proportion to other responsible parties and
     the  extent to which such expenditures are recoverable from  insurance
     or indemnifications from prior owners of Partnership's properties.

5.   Related Party Transactions
     A  significant  portion  of the oil and gas properties  in  which  the
     Partnership  has  an interest are operated by and purchased  from  the
     Managing  General Partner.  As provided for in the operating agreement
     for  each respective oil and gas property in which the Partnership has
     an  interest,  the  operator  is  paid an  amount  for  administrative
     overhead attributable to operating such properties, with such  amounts
     to  Southwest  Royalties,  Inc.  as operator  approximating  $164,900,
     $158,900 and $161,500 for the years ended December 31, 2001, 2000  and
     1999,  respectively.   In addition, the Managing General  Partner  and
     certain  officers and employees may have an interest in  some  of  the
     properties that the Partnership also participates.

     Certain  subsidiaries  or affiliates of the Managing  General  Partner
     perform  various  oilfield  services  for  properties  in  which   the
     Partnership  owns an interest.  Such services aggregated approximately
     $6,300, $7,600 and $2,400 for the years ended December 31, 2001,  2000
     and 1999, respectively.

     Southwest  Royalties,  Inc., the Managing General  Partner,  was  paid
     $72,000  during  2001,  2000 and 1999, as an  administrative  fee  for
     reimbursement   of   indirect  general  and  administrative   overhead
     expenses.

     Receivables  from  Southwest  Royalties, Inc.,  the  Managing  General
     Partner,  of approximately $39,800 and $152,600 are from oil  and  gas
     production, net of lease operating costs and production taxes,  as  of
     December 31, 2001 and 2000, respectively.

     In addition, a director and officer of the Managing General Partner is
     a  partner  in a law firm, with such firm providing legal services  to
     the  Partnership.  There were no legal services provided for the  year
     ended December 31, 2001, 2000 and 1999.

6.   Major Customers
     No  material portion of the Partnership's business is dependent  on  a
     single  purchaser, or a very few purchasers, where  the  loss  of  one
     would  have  a  material  adverse impact on  the  Partnership.   Three
     purchasers  accounted for 71% of the Partnership's total oil  and  gas
     production during 2001: Teppco Crude Oil LLC for 40%, Plains Marketing
     LP  for  21%  and  Raptor  Resources Inc. for 10%.   Three  purchasers
     accounted  for  79% of the Partnership's total oil and gas  production
     during  2000:  Teppco Crude Oil LLC for 47%, Plains Marketing  LP  for
     20% and Mobil Corporation for 12%.  Three purchasers accounted for 78%
     of  the Partnership's total oil and gas production during 1999: Teppco
     Crude  Oil for 46%, Scurlock Permian LLC for 19% and Mobil Corporation
     for  13%.   All purchasers of the Partnership's oil and gas production
     are  unrelated third parties.  In the event either of these purchasers
     were  to  discontinue  purchasing the  Partnership's  production,  the
     Managing  General  Partner  believes that a  substitute  purchaser  or
     purchasers  could be located without undue delay.  No other  purchaser
     accounted  for  an  amount  equal  to  or  greater  than  10%  of  the
     Partnership's sales of oil and gas production.

<PAGE>
                Southwest Oil & Gas Income Fund X-B, L.P.
                     (a Delaware limited partnership)

                      Notes to Financial Statements

7.   Estimated Oil and Gas Reserves (unaudited)
     The  Partnership's  interest in proved oil  and  gas  reserves  is  as
     follows:

                                                    Oil (bbls)    Gas (mcf)
                                                    ----------    ---------
     Proved developed and undeveloped reserves -

     January 1, 1999                                  80,000       383,000

       Revisions of estimates in place               297,000       132,000
       Production                                   (38,000)      (55,000)
                                                     -------      --------
     December 31, 1999                               339,000       460,000

       Revisions of estimates in place                 6,000       221,000
       Production                                   (34,000)      (51,000)
                                                     -------      --------
     December 31, 2000                               311,000       630,000

       Revisions of estimates in place             (121,000)     (243,000)
       Production                                   (31,000)      (52,000)
                                                     -------      --------
     December 31, 2001                               159,000       335,000
                                                     =======      ========
     Proved developed reserves -

     December 31, 1999                               327,000       402,000
                                                     =======      ========
     December 31, 2000                               308,000       576,000
                                                     =======     =========
     December 31, 2001                               156,000       326,000
                                                     =======      ========

     All  of  the Partnership's reserves are located within the continental
     United States.

     *Ryder  Scott  Petroleum Engineers prepared the  reserve  and  present
     value data for the Partnership's existing properties as of January  1,
     2002.   The  reserve estimates were made in accordance with guidelines
     established by the Securities and Exchange Commission pursuant to Rule
     4-10(a)  of  Regulation  S-X.  Such guidelines  require  oil  and  gas
     reserve  reports  be  prepared under existing economic  and  operating
     conditions with no provisions for price and cost escalation except  by
     contractual arrangements.

     Oil  price  adjustments  were made in the  individual  evaluations  to
     reflect  oil quality, gathering and transportation costs. The  results
     of  the  reserve report as of January 1, 2002 are an average price  of
     $18.48 per barrel.

     Gas  price  adjustments  were made in the  individual  evaluations  to
     reflect  BTU  content,  gathering and  transportation  costs  and  gas
     processing  and shrinkage.  The results of the reserve  report  as  of
     January 1, 2002 are an average price of $2.00 per Mcf.


<PAGE>
                Southwest Oil & Gas Income Fund X-B, L.P.
                     (a Delaware limited partnership)

                      Notes to Financial Statements

7.   Estimated Oil & Gas Reserves (unaudited) - continued
     The  evaluation of oil and gas properties is not an exact science  and
     inevitably  involves a significant degree of uncertainty, particularly
     with respect to the quantity of oil or gas that any given property  is
     capable of producing.  Estimates of oil and gas reserves are based  on
     available  geological and engineering data, the extent and quality  of
     which may vary in each case and, in certain instances, may prove to be
     inaccurate.   Consequently, properties may be  depleted  more  rapidly
     than the geological and engineering data have indicated.

     Unanticipated  depletion, if it occurs, will result in lower  reserves
     than  previously estimated; thus an ultimately lower  return  for  the
     Partnership.  Basic changes in past reserve estimates occur  annually.
     As  new data is gathered during the subsequent year, the engineer must
     revise  his  earlier estimates.  A year of new information,  which  is
     pertinent  to  the  estimation  of  future  recoverable  volumes,   is
     available during the subsequent year evaluation.  In applying industry
     standards  and  procedures,  the  new  data  may  cause  the  previous
     estimates  to be revised.  This revision may increase or decrease  the
     earlier estimated volumes.  Pertinent information gathered during  the
     year  may include actual production and decline rates, production from
     offset  wells  drilled  to the same geologic formation,  increased  or
     decreased  water production, workovers, and changes in lifting  costs,
     among others.  Accordingly, reserve estimates are often different from
     the quantities of oil and gas that are ultimately recovered.

     The  Partnership has reserves which are classified as proved developed
     producing  and  proved undeveloped.  All of the  proved  reserves  are
     included  in  the engineering reports which evaluate the Partnership's
     present reserves.

     Because  the  Partnership does not engage in drilling activities,  the
     development  of proved undeveloped reserves is conducted  pursuant  to
     farm-out  arrangements with the Managing General Partner or  unrelated
     third  parties.  Generally, the Partnership retains a carried interest
     such  as an overriding royalty interest under the terms of a farm-out,
     or receives cash.

<PAGE>
                Southwest Oil & Gas Income Fund X-B, L.P.
                     (a Delaware limited partnership)

                      Notes to Financial Statements


7.   Estimated Oil & Gas Reserves (unaudited) - continued
     The  standardized measure of discounted future net cash flows relating
     to  proved oil and gas reserves at December 31, 2001, 2000 and 1999 is
     presented below:

                                             2001       2000         1999
                                             ----       ----         ----

     Future cash inflows                $  3,614,000 14,086,000 8,807,000
     Production and development costs      2,137,000  6,718,000 5,155,000
                                          ---------- --------------------
     Future net cash flows                 1,477,000  7,368,000 3,652,000
     10% annual discount for estimated
       timing of cash flows                  670,000  3,584,000 1,553,000
                                          ---------- --------------------
     Standardized measure of discounted
       future net cash flows            $    807,000  3,784,000 2,099,000
                                          ========== ====================

     The  principal  sources  of  change in  the  standardized  measure  of
     discounted  future  net cash flows for the years  ended  December  31,
     2001, 2000 and 1999 are as follows:

                                              2001        2000       1999
                                              ----        ----       ----

     Sales of oil and gas produced,
       net of production costs          $  (279,000)  (597,000) (250,000)
      Changes  in prices and production costs         (2,457,000) 1,833,000
395,000
     Changes of production rates
       (timing) and others                  (12,000)  (150,000)  (75,000)
     Revisions of previous
       quantities estimates                (607,000)    389,000 1,611,000
     Accretion of discount                   378,000    210,000    38,000
     Discounted future net
       cash flows -
      Beginning of year                    3,784,000  2,099,000   380,000
                                          ----------  --------- ---------
      End of year                       $    807,000  3,784,000 2,099,000
                                          ==========  ========= =========

     Future  net cash flows were computed using year-end prices  and  costs
     that  related  to existing proved oil and gas reserves  in  which  the
     Partnership has mineral interests.
<PAGE>
                Southwest Oil & Gas Income Fund X-B, L.P.
                     (a Delaware limited partnership)

                      Notes to Financial Statements


8.  Selected Quarterly Financial Results - (unaudited)

                                                 Quarter
                              ----------------------------------------------
                                 First       Second    Third       Fourth
                                 ------     -------    ------      ------
  2001:
     Total revenues           $  278,405    250,194   197,207     146,829
     Total expenses              167,331    173,982   194,508     198,196
     Net income (loss)           111,074     76,212     2,699    (51,367)
     Net income (loss) per limited
      partners unit                 9.09       6.17      (.02)     (4.38)

  2000:
     Total revenues           $  255,757    271,828   302,886     324,282
     Total expenses              187,818    150,890   171,611     148,314
     Net income                   67,939    120,938   131,275     175,968
     Net income per limited
      partners unit                 5.53       9.99     10.80       14.42

Item 9.   Changes  in and Disagreements With Accountants on Accounting  and
          Financial Disclosure

None

<PAGE>
                                 Part III

Item 10.  Directors and Executive Officers of the Registrant

Management of the Partnership is provided by Southwest Royalties, Inc.,  as
Managing  General Partner.  The names, ages, offices, positions and  length
of  service of the directors and executive officers of Southwest Royalties,
Inc. are set forth below.  Each director and executive officer serves for a
term  of  one year.  The present directors of the Managing General  Partner
have served in their capacity since the Company's formation in 1983.

      Name                  Age                    Position
--------------------        ---         -----------------------------------
--
H. H. Wommack, III                      46     Chairman   of   the   Board,
                                        President,
                                        Chief Executive Officer, Treasurer
                                        and Director

H. Allen Corey              45          Secretary and Director

Bill E. Coggin                          47     Vice  President  and   Chief
                                        Financial Officer

J. Steven Person            43          Vice President, Marketing

Paul L. Morris              60          Director

H.  H.  Wommack, III, is Chairman of the Board, President, Chief  Executive
Officer,  Treasurer, principal stockholder and a director of  the  Managing
General  Partner,  and  has  served as its President  since  the  Company's
organization  in August, 1983.  Prior to the formation of the Company,  Mr.
Wommack  was  a  self-employed  independent oil  producer  engaged  in  the
purchase  and sale of royalty and working interests in oil and gas  leases,
and  the drilling of exploratory and developmental oil and gas wells.   Mr.
Wommack  holds  a J.D. degree from the University of Texas  from  which  he
graduated  in  1980, and a B.A. from the University of  North  Carolina  in
1977.

H.  Allen  Corey, a founder of the Managing General Partner, has served  as
the   Managing  General  Partner's  secretary  and  a  director  since  its
inception.   Mr. Corey is President of Trolley Barn Brewery, Inc.,  a  brew
pub restaurant chain based in the Southeast.  Prior to his involvement with
Trolley Barn, Mr. Corey was a partner at the law firm of Miller & Martin in
Chattanooga,  Tennessee.  He is currently of counsel to  the  law  firm  of
Baker,  Donelson,  Bearman  & Caldwell, with the  offices  in  Chattanooga,
Tennessee.  Mr. Corey received a J.D. degree from the Vanderbilt University
Law  School and B.A. degree from the University of North Carolina at Chapel
Hill.

Bill  E. Coggin, Vice President and Chief Financial Officer, has been  with
the Managing General Partner since 1985.  Mr. Coggin was Controller for Rod
Ric  Corporation of Midland, Texas, an oil and gas drilling company, during
the latter part of 1984.  He was Controller for C.F. Lawrence & Associates,
Inc., an independent oil and gas operator also of Midland, Texas during the
early  part of 1984.  Mr. Coggin taught public school for four years  prior
to his business experience.  Mr. Coggin received a B.S. in Education and  a
B.B.A. in Accounting from Angelo State University.

J.  Steven  Person, Vice President, Marketing, assumed his responsibilities
with  the Managing General Partner as National Marketing Director in  1989.
Prior  to joining the Managing General Partner, Mr. Person served  as  Vice
President  of  Marketing  for CRI, Inc., and was  associated  with  Capital
Financial  Group and Dean Witter (1983).  He received a B.B.A. from  Baylor
University in 1982 and an M.B.A. from Houston Baptist University in 1987.

Paul  L.  Morris has served as a Director of Southwest Royalties  Holdings,
Inc.  since August 1998 and Southwest Royalties, Inc. since September 1998.
Mr. Morris is President and CEO of Wagner & Brown, Ltd., one of the largest
independently owned oil and gas companies in the United States.   Prior  to
his  position with Wagner & Brown, Mr. Morris served as President of Banner
Energy  and  in various managerial positions with the Columbia Gas  System,
Inc.


<PAGE>
Key Employees

Jon  P. Tate, Vice President, Land and Assistant Secretary, age 44, assumed
his  responsibilities with the Managing General Partner in 1989.  Prior  to
joining  the  Managing  General Partner, Mr.  Tate  was  employed  by  C.F.
Lawrence  & Associates, Inc., an independent oil and gas company,  as  Land
Manager from 1981 through 1989.  Mr. Tate is a member of the Permian  Basin
Landman's  Association and American Association of Petroleum Landmen.   Mr.
Tate received his B.B.S. degree from Hardin-Simmons University.

R.  Douglas  Keathley,  Vice President, Operations,  age  46,  assumed  his
responsibilities with the Managing General Partner as a Production Engineer
in  October,  1992.   Prior to joining the Managing  General  Partner,  Mr.
Keathley  was  employed for four (4) years by ARCO Oil  &  Gas  Company  as
senior  drilling  engineer working in all phases of well production  (1988-
1992),  eight  (8)  years by Reading & Bates Petroleum  Company  as  senior
petroleum  engineer responsible for drilling (1980-1988) and two (2)  years
by  Tenneco Oil Company as drilling engineer responsible for all phases  of
drilling   (1978-1980).   Mr.  Keathley  received  his  B.S.  in  Petroleum
Engineering in 1977 from the University of Oklahoma.

In certain instances, the Managing General Partner will engage professional
petroleum   consultants   and  other  independent  contractors,   including
engineers   and   geologists  in  connection  with  property  acquisitions,
geological  and  geophysical  analysis,  and  reservoir  engineering.   The
Managing  General Partner believes that, in addition to its own  "in-house"
staff,  the utilization of such consultants and independent contractors  in
specific  instances  and  on  an  "as-needed"  basis  allows  for   greater
flexibility  and greater opportunity to perform its oil and gas  activities
more economically and effectively.

Item 11.  Executive Compensation

The  Partnership  does not have any directors or executive  officers.   The
executive officers of the Managing General Partner do not receive any  cash
compensation,  bonuses, deferred compensation or compensation  pursuant  to
any  type  of  plan,  from the Partnership.  The Managing  General  Partner
received, as an administrative fee, $72,000 during 2001, 2000 and 1999.

Item 12.  Security Ownership of Certain Beneficial Owners and Management

There  are  no  limited partners who own of record, or  are  known  by  the
Managing General Partner to beneficially own, more than five percent of the
Partnership's limited partnership interests.

The  Managing  General Partner owns a nine percent interest  as  a  general
partner.   Through prior purchases, the Managing General Partner also  owns
204.0  limited  partner  units, or a 1.9% limited  partner  interest.   The
Managing  General  Partner  total  percentage  interest  ownership  in  the
Partnership is 10.7%.

No  officer or director of the Managing General Partner owns Units  in  the
Partnership.  H. H. Wommack, III, as the individual general partner of  the
Partnership,  owns a one percent interest in the Partnership as  a  general
partner.   The officers and directors of the Managing General  Partner  are
considered beneficial owners of the limited partner units acquired  by  the
Managing  General Partner by virtue of their status as  such.   A  list  of
beneficial  owners  of  limited partner units,  acquired  by  the  Managing
General Partner, is as follows:

<PAGE>
                                                                 Amount and
                                                   Nature of      Percent
                     Name and Address of           Beneficial        of
 Title of Class        Beneficial Owner            Ownership       Class
-------------------  ---------------------------  ---------------  -------
Limited Partnership  Southwest Royalties, Inc.    Directly Owns    1.9%
 Interest            Managing General Partner     204.0 Units
                     407 N. Big Spring Street
                     Midland, TX  79701

Limited Partnership  H. H. Wommack, III           Indirectly Owns  1.9%
 Interest            Chairman of the Board,       204.0 Units
                     President, CEO, Treasurer
                     and Director of Southwest
                     Royalties, Inc., the
                     Managing General Partner
                     407 N. Big Spring Street
                     Midland, TX  79701

Limited Partnership  H. Allen Corey               Indirectly Owns  1.9%
 Interest            Secretary and Director of    204.0 Units
                     Southwest Royalties, Inc.,
                     the Managing General
                     Partner
                     633 Chestnut Street
                     Chattanooga, TN  37450-1800

Limited Partnership  Bill E. Coggin               Indirectly Owns  1.9%
 Interest            Vice President and CFO of    204.0 Units
                     Southwest Royalties, Inc.,
                     the Managing General
                     Partner
                     407 N. Big Spring Street
                     Midland, TX  79701

Limited Partnership  J. Steven Person             Indirectly Owns  1.9%
 Interest            Vice President, Marketing    204.0 Units
                     of Southwest Royalties, Inc.,
                     the Managing General
                     Partner
                     407 N. Big Spring Street
                     Midland, TX  79701

Limited Partnership  Paul L. Morris               Indirectly Owns  1.9%
 Interest            Director of Southwest        204.0 Units
                     Royalties, Inc., the
                     Managing General Partner
                     407 N. Big Spring Street
                     Midland, TX  79701


There  are no arrangements known to the Managing General Partner which  may
at a subsequent date result in a change of control of the Partnership.

<PAGE>
Item 13.  Certain Relationships and Related Transactions

In 2001, the Managing General Partner received $72,000 as an administrative
fee.   This  amount  is  part  of the general and  administrative  expenses
incurred by the Partnership.

In  some  instances the Managing General Partner and certain  officers  and
employees  may  be working interest owners in an oil and  gas  property  in
which  the Partnership also has a working interest.  Certain properties  in
which  the Partnership has an interest are operated by the Managing General
Partner,  who  was paid approximately $164,900 for administrative  overhead
attributable to operating such properties during 2001.

Certain  subsidiaries or affiliates of the Managing General Partner perform
various  oilfield services for properties in which the Partnership owns  an
interest.  Such services aggregated approximately $6,300 for the year ended
December 31, 2001.

In  the  opinion  of  management, the terms of the above  transactions  are
similar to ones with unaffiliated third parties.

<PAGE>
                                 Part IV


Item 14.  Exhibits, Financial Statement Schedules and Reports on Form 8-K

          (a)(1)  Financial Statements:

                  Included in Part II of this report --

                  Independent Auditors Report
                  Balance Sheets
                  Statements of Operations
                  Statement of Changes in Partners' Equity
                  Statements of Cash Flows
                  Notes to Financial Statements

                     (2)  Schedules required by Article 12 of Regulation S-
                  X  are either omitted because they are not applicable  or
                  because  the  required  information  is  shown   in   the
                  financial statements or the notes thereto.

             (3)  Exhibits:

                                      4      (a)   Certificate  of  Limited
                          Partnership of Southwest Oil & Gas Income Fund X-
                          B,  L.P., dated November 27, 1990.  (Incorporated
                          by reference from Partnership's Form 10-K for the
                          fiscal year ended December 31, 1990.)

                                            (b)    Agreement   of   Limited
                          Partnership of Southwest Oil & Gas Income Fund X-
                          B,  L.P.  dated November 27, 1990.  (Incorporated
                          by reference from Partnership's Form 10-K for the
                          fiscal year ended December 31, 1991.)

          (b)     Reports on Form 8-K

                   There  were  no  reports filed on Form  8-K  during  the
              quarter ended December 31, 2001.

<PAGE>
                                Signatures


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


                                 Southwest Oil & Gas Income Fund X-B, L.P.,
                          a
                          Delaware limited partnership


                                        By:    Southwest  Royalties,  Inc.,
                                 Managing
                                   General Partner


                          By:    /s/ H. H. Wommack, III
                                 -----------------------------
                                           H. H. Wommack, III, President


                          Date:  March 29, 2002


Pursuant  to the requirements of the Securities Exchange Act of 1934,  this
report  has  been signed below by the following persons on  behalf  of  the
Partnership and in the capacities and on the dates indicated.


By:    /s/ H. H. Wommack, III
       -----------------------------------
       H. H. Wommack, III, Chairman of the
       Board, President, Chief Executive
       Officer, Treasurer and Director


Date:  March 29, 2002


By:    /s/ H. Allen Corey
       -----------------------------
       H. Allen Corey, Secretary and
       Director


Date:  March 29, 2002

<PAGE>