FORM 10-Q


                          SECURITIES AND EXCHANGE COMMISSION

                                Washington, D.C. 20549


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

                    For the quarterly period ended  March 31, 1995

                                          OR

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

           For the transition period from ______________ to ______________

                         Commission File number  33-11773-01


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


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


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

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

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


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

                                 Yes  X      No_____







                      SWIFT ENERGY INCOME PARTNERS 1987-B, LTD.

                                        INDEX


          PART I.    FINANCIAL INFORMATION                             PAGE


                ITEM 1.    Financial Statements

                      Balance Sheets

                      - March 31, 1995 and December 31, 1994              3

                      Statements of Operations

                      - Three month periods ended March 31,
                        1995 and 1994                                     4

                      Statements of Cash Flows

                      - Three month periods ended March 31, 
                        1995 and 1994                                     5

                      Notes to Financial Statements                       6

                ITEM  2.        Management's Discussion and  
                                Analysis  of Financial Condition
                                and Results of Operations                 7

          PART II.    OTHER INFORMATION                                   8


          SIGNATURES                                                      9







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



                                                                                              March 31,        December 31,
                                                                                              1995             1994
                                                                                              __________       __________
                                                                                              (Unaudited)
                                                                                                         
                 ASSETS:
                 Current Assets:
                      Cash and cash equivalents                                               $     1,549      $     1,452 
                      Oil and gas sales receivable                                                439,945          536,357 
                                                                                              ___________      ___________
                           Total Current Assets                                                   441,494          537,809 
                                                                                              ___________      ___________
                 Oil and Gas Properties, using full cost
                      accounting                                                               24,931,762       24,879,507 
                 Less-Accumulated depreciation, depletion
                      and amortization                                                        (18,754,280)     (18,352,629)
                                                                                              ___________      ___________
                                                                                                6,177,482        6,526,878 
                                                                                              ___________      ___________
                                                                                              $ 6,618,976      $ 7,064,687 
                                                                                              ===========      ===========

                 LIABILITIES AND PARTNERS' CAPITAL:

                 Current Liabilities:
                      Accounts payable and accrued liabilities                                $   633,728      $  660,538 
                      Current portion of note payable                                             170,674         170,674 
                                                                                              ___________      __________
                           Total Current Liabilities                                              804,402         831,212 
                                                                                              ___________      __________
                 Note payable to a Bank, net
                      of current portion                                                               --          42,669 

                 Deferred Revenues                                                                241,746         244,148 

                 Partners' Capital                                                              5,572,828       5,946,658 
                                                                                              ___________      __________
                                                                                              $ 6,618,976      $7,064,687 
                                                                                              ===========      ==========

                   See accompanying notes to financial statements.







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


                                                                                              Three Months Ended March 31,
                                                                                              ____________________________
                                                                                              1995             1994
                                                                                              ____________     ____________

                                                                                                         
                 REVENUES:
                     Oil and gas sales                                                        $  461,650       $  571,180 
                     Interest income                                                                 129                3 
                     Other                                                                         8,321            5,254 
                                                                                              __________       __________
                                                                                                 470,100          576,437 
                                                                                              __________       __________
                 COSTS AND EXPENSES:
                     Lease operating                                                             187,184          195,514 
                     Production taxes                                                             22,276           36,933 
                     Depreciation, depletion
                       and amortization -
                          Normal provision                                                       196,225          205,895 
                          Additional provision                                                   205,426               -- 
                     General and administrative                                                   51,281           67,577 
                     Interest expense                                                             11,254           13,116 
                                                                                              __________       __________
                                                                                                 673,646          519,035 
                                                                                              __________       __________
                 NET INCOME (LOSS)                                                            $ (203,546)      $   57,402 
                                                                                              ==========       ==========


                 Limited Partners' net income (loss)
                          per unit

                 March 31, 1995                             $  (.78)
                                                            =======
                 March 31, 1994                             $   .22 
                                                            =======

                                  See accompanying note to financial statements.







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


                                                                                                      Three Months Ended March 31,
                                                                                                      ___________________________
                                                                                                      1995             1994
                                                                                                      ___________      ____________
                                                                                                                 
                 CASH FLOWS FROM OPERATING ACTIVITIES:
                     Income (loss)                                                                    $ (203,546)      $  57,402 
                     Adjustments to reconcile income (loss) to
                       net cash provided by operations:
                       Depreciation, depletion and amortization                                          401,651         205,895 
                       Deferred revenues                                                                  (2,402)         60,782 
                       Change in assets and liabilities:
                         (Increase) decrease in oil and gas sales receivable                              96,412          58,638 
                         Increase (decrease) in accounts payable
                           and accrued liabilities                                                       (26,810)        (77,275)
                                                                                                      __________        ________
                                 Net cash provided by (used in) operating activities                     265,305         305,442 
                                                                                                      __________        ________
                 CASH FLOWS FROM INVESTING ACTIVITIES:
                     Additions to oil and gas properties                                                 (52,255)        (65,020)
                     Proceeds from sales of oil and gas properties                                            --          47,735 
                                                                                                      __________        ________
                                 Net cash provided by (used in) investing activities                     (52,255)        (17,285)
                                                                                                      __________        ________
                 CASH FLOWS FROM FINANCING ACTIVITIES:
                     Cash distributions to partners                                                     (170,284)       (245,471)
                     Payment on notes payable                                                            (42,669)        (42,669)
                                                                                                      __________        ________
                                 Net cash provided by (used in) financing activities                    (212,953)       (288,140)
                                                                                                      __________        ________
                 NET INCREASE (DECREASE) IN CASH AND CASH EQUIVALENTS                                         97              17 
                                                                                                      __________        ________
                 CASH AND CASH EQUIVALENTS AT BEGINNING OF PERIOD                                          1,452           1,230 
                                                                                                      __________        ________
                 CASH AND CASH EQUIVALENTS AT END OF PERIOD                                           $    1,549        $  1,247 
                                                                                                      ==========        ========

                   Supplemental disclosure of cash flow information:
                     Cash paid during the period for interest                                         $    5,041        $  7,018 
                                                                                                      ==========        ========

                   See accompanying notes to financial statements.







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

          (1)  General Information -

                    The  financial statements  included  herein  have  been
          prepared  by the  Partnership and  are unaudited  except for  the
          balance sheet at December 31, 1994  which has been taken from the
          audited  financial  statements  at  that  date.    The  financial
          statements  reflect adjustments,  all of  which were of  a normal
          recurring  nature, which  are,  in the  opinion  of the  Managing
          General  Partner  necessary for  a  fair  presentation.   Certain
          information  and   footnote  disclosures  normally   included  in
          financial  statements  prepared  in  accordance   with  generally
          accepted accounting principles have  been omitted pursuant to the
          rules and  regulations of the Securities  and Exchange Commission
          ("SEC").     The  Partnership  believes  adequate  disclosure  is
          provided by the information  presented.  The financial statements
          should  be  read  in   conjunction  with  the  audited  financial
          statements and the notes included in the latest Form 10-K.
              
          (2)  Deferred Revenues -

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

          (3)  Concentrations of Credit Risk -

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







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


          General

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

          Liquidity and Capital Resources

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

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

          Results of Operations

               Oil and gas  sales declined  $109,530 or 19  percent in  the
          first quarter of 1995 when compared to the corresponding  quarter
          in 1994, primarily due to decreased gas prices.  A decline in gas
          prices  of 34  percent or  $.71/MCF had  a significant  impact on
          Partnership  performance.   Also,  current  quarter  gas and  oil
          production declined 10 percent and 11 percent, respectively, when
          compared  to  first  quarter  1994  production  volumes,  further
          contributing  to decreased revenues.   Increased oil prices of 62
          percent or $6.37/BBL partially offset the revenue declines.







               Associated  depreciation  expense  decreased  5  percent  or
          $9,670.

               The   Partnership  recorded   an  additional   provision  in
          depreciation, depletion and amortization  in the first quarter of
          1995 for  $205,426  when the  present  value, discounted  at  ten
          percent, of  estimated  future  net revenues  from  oil  and  gas
          properties, using  the guidelines of the  Securities and Exchange
          Commission, was below the fair  market value originally paid  for
          oil and gas  properties.  The  additional provision results  from
          the Managing General Partner's determination that the fair market
          value  paid for properties may  or may not  coincide with reserve
          valuations determined according to  guidelines of the  Securities
          and Exchange Commission.

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







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



          ITEM 5.    OTHER INFORMATION


                                        -NONE-







                                      SIGNATURES



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


                                        SWIFT ENERGY INCOME
                                        PARTNERS 1987-B, LTD.
                                        (Registrant)

                                        By:  SWIFT ENERGY COMPANY
                                             Managing General Partner


          Date:     May 12, 1995        By:  /s/ John R. Alden
               ___________________           ______________________________
                                             John R. Alden
                                             Senior Vice President,
                                             Secretary and Principal
                                             Financial Officer

          Date:     May 12, 1995        By:  /s/ Alton D. Heckaman, Jr.
               ___________________           _____________________________
                                             Alton D. Heckaman, Jr.
                                             Vice President, Controller
                                             and    Principal    Accounting
                                             Officer