UNITED STATES
                       SECURITIES AND EXCHANGE COMMISSION
                             WASHINGTON, D. C. 20549


                                    FORM 10-Q


                Quarterly Report Pursuant to Section 13 or 15(d)
                     of the Securities Exchange Act of 1934

                  For the quarterly period ended June 30, 2001


                         Commission File No. 33-26097-10


                        PARKER & PARSLEY 90-C CONV., L.P.
             (Exact name of Registrant as specified in its charter)


                           Delaware                           75-2347264
            -----------------------------------------    ---------------------
                (State or other jurisdiction of             (I.R.S. Employer
                incorporation or organization)           Identification Number)


     5205 N. O'Connor Blvd., Suite 1400, Irving, Texas           75039
     -------------------------------------------------        ------------
         (Address of principal executive offices)              (Zip code)

       Registrant's Telephone Number, including area code : (972) 444-9001


                                 Not applicable
              (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 / /





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                        PARKER & PARSLEY 90-C CONV., L.P.

                                TABLE OF CONTENTS


                                                                       Page
                          Part I. Financial Information

Item 1.     Financial Statements

            Balance Sheets as of June 30, 2001 and
               December 31, 2000.....................................    3

            Statements of Operations for the three and six
              months ended June 30, 2001 and 2000....................    4

            Statement of Partners' Capital for the six months
              ended June 30, 2001....................................    5

            Statements of Cash Flows for the six months ended
              June 30, 2001 and 2000.................................    6

            Notes to Financial Statements............................    7

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


                           Part II. Other Information

Item 6.     Exhibits and Reports on Form 8-K.........................   11

            Signatures...............................................   12



                                        2

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                        PARKER & PARSLEY 90-C CONV., L.P.
                        (A Delaware Limited Partnership)

                          Part I. Financial Information

Item 1.      Financial Statements

                                 BALANCE SHEETS

<TABLE>

                                                     June 30,     December 31,
                                                       2001          2000
                                                   -----------    -----------
                                                   (Unaudited)
                 ASSETS
<S>                                                <C>            <C>
Current assets:
  Cash                                             $   221,203    $   106,593
  Accounts receivable - oil and gas sales               89,315        119,396
                                                    ----------     ----------
         Total current assets                          310,518        225,989
                                                    ----------     ----------
Oil and gas properties - at cost, based on the
  successful efforts accounting method               5,801,749      5,798,493
Accumulated depletion                               (5,028,486)    (5,000,618)
                                                    ----------     ----------
         Net oil and gas properties                    773,263        797,875
                                                    ----------     ----------
                                                   $ 1,083,781    $ 1,023,864
                                                    ==========     ==========
LIABILITIES AND PARTNERS' CAPITAL

Current liabilities:
  Accounts payable - affiliate                     $    23,477    $    14,074

Partners' capital:
  Managing general partner                              10,572         10,067
  Limited partners (7,531 interests)                 1,049,732        999,723
                                                    ----------     ----------
                                                     1,060,304      1,009,790
                                                    ----------     ----------
                                                   $ 1,083,781    $ 1,023,864
                                                    ==========     ==========


</TABLE>



   The financial information included as of June 30, 2001 has been prepared by
  the managing general partner without audit by independent public accountants.

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

                                        3

<PAGE>



                        PARKER & PARSLEY 90-C CONV., L.P.
                        (A Delaware Limited Partnership)

                            STATEMENTS OF OPERATIONS
                                   (Unaudited)


<TABLE>

                                  Three months ended        Six months ended
                                       June 30,                  June 30,
                                ----------------------    ----------------------
                                   2001         2000        2001         2000
                                ---------    ---------    ---------    ---------
<S>                             <C>          <C>          <C>          <C>
Revenues:
   Oil and gas                  $ 213,193    $ 221,187    $ 444,118    $ 414,898
   Interest                         1,624        1,946        3,412        3,443
                                 --------     --------     --------     --------
                                  214,817      223,133      447,530      418,341
                                 --------     --------     --------     --------
Costs and expenses:
   Oil and gas production          97,643       77,437      193,283      161,148
   General and administrative       6,504        7,156       14,679       13,090
   Depletion                       14,385       12,574       27,868       26,316
                                 --------     --------     --------     --------
                                  118,532       97,167      235,830      200,554
                                 --------     --------     --------     --------
Net income                      $  96,285    $ 125,966    $ 211,700    $ 217,787
                                 ========     ========     ========     ========
Allocation of net income:
   Managing general partner     $     963    $   1,260    $   2,117    $   2,178
                                 ========     ========     ========     ========
   Limited partners             $  95,322    $ 124,706    $ 209,583    $ 215,609
                                 ========     ========     ========     ========
Net income per limited
   partnership interest         $   12.66    $   16.56    $   27.83    $   28.63
                                 ========     ========     ========     ========

</TABLE>



         The financial information included herein has been prepared by
  the managing general partner without audit by independent public accountants.

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

                                        4

<PAGE>



                        PARKER & PARSLEY 90-C CONV., L.P.
                        (A Delaware Limited Partnership)

                         STATEMENT OF PARTNERS' CAPITAL
                                   (Unaudited)



<TABLE>


                                        Managing
                                        general      Limited
                                        partner      partners       Total
                                       ---------    ----------    ----------


<S>                                    <C>          <C>           <C>
Balance at January 1, 2001             $  10,067    $  999,723    $1,009,790

    Distributions                         (1,612)     (159,574)     (161,186)

    Net income                             2,117       209,583       211,700
                                        --------     ---------     ---------

Balance at June 30, 2001               $  10,572    $1,049,732    $1,060,304
                                        ========     =========     =========

</TABLE>




         The financial information included herein has been prepared by
  the managing general partner without audit by independent public accountants.

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

                                        5

<PAGE>



                        PARKER & PARSLEY 90-C CONV., L.P.
                        (A Delaware Limited Partnership)

                            STATEMENTS OF CASH FLOWS
                                   (Unaudited)


<TABLE>

                                                          Six months ended
                                                               June 30,
                                                      -------------------------
                                                         2001           2000
                                                      ----------     ----------
<S>                                                   <C>            <C>
Cash flows from operating activities:
  Net income                                          $  211,700     $  217,787
  Adjustments to reconcile net income to net
     cash provided by operating activities:
        Depletion                                         27,868         26,316
  Changes in assets and liabilities:
        Accounts receivable                               30,081        (13,427)
        Accounts payable                                   9,403          7,249
                                                       ---------      ---------
         Net cash provided by operating activities       279,052        237,925
                                                       ---------      ---------
Cash flows used in investing activities:
  Additions to oil and gas properties                     (3,256)       (15,344)

Cash flows used in financing activities:
  Cash distributions to partners                        (161,186)      (216,896)
                                                       ---------      ---------
Net increase in cash                                     114,610          5,685
Cash at beginning of period                              106,593        107,295
                                                       ---------      ---------
Cash at end of period                                 $  221,203     $  112,980
                                                       =========      =========

</TABLE>



         The financial information included herein has been prepared by
  the managing general partner without audit by independent public accountants.

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

                                        6

<PAGE>



                        PARKER & PARSLEY 90-C CONV., L.P.
                        (A Delaware Limited Partnership)

                          NOTES TO FINANCIAL STATEMENTS
                                  June 30, 2001
                                   (Unaudited)


Note 1.     Organization and nature of operations

Parker & Parsley 90-C Conv., L.P. (the "Partnership") was organized as a general
partnership  in 1990 under the laws of the State of Texas and was converted to a
Delaware limited partnership on August 1, 1991.

The  Partnership  engages in oil and gas development and production in Texas and
is not involved in any industry segment other than oil and gas.

Note 2.     Basis of presentation

In  the  opinion  of  management,  the  unaudited  financial  statements  of the
Partnership  as of June 30, 2001 and for the three and six months ended June 30,
2001 and 2000 include all  adjustments  and accruals  consisting  only of normal
recurring accrual adjustments which are necessary for a fair presentation of the
results for the  interim  period.  These  interim  results  are not  necessarily
indicative of results for a full year. Certain  reclassifications  may have been
made to the June 30, 2000  financial  statements to conform to the June 30, 2001
financial statement presentations.

Certain  information  and footnote  disclosures  normally  included in financial
statements prepared in accordance with generally accepted accounting  principles
have been  condensed  or  omitted  in this Form 10-Q  pursuant  to the rules and
regulations of the Securities and Exchange Commission.  The financial statements
should  be read in  conjunction  with the  financial  statements  and the  notes
thereto  contained in the  Partnership's  Report on Form 10-K for the year ended
December 31, 2000, as filed with the Securities and Exchange Commission,  a copy
of which is available upon request by writing to Rich Dealy,  Vice President and
Chief Accounting  Officer,  5205 North O'Connor  Boulevard,  Suite 1400, Irving,
Texas 75039-3746.

Item 2.     Management's Discussion and Analysis of Financial Condition
             and Results of Operations (1)

Results of Operations

Six months ended June 30, 2001 compared with six months
  ended June 30, 2000

Revenues:

The  Partnership's  oil and gas  revenues  increased  7% to $444,118 for the six
months  ended June 30, 2001 as compared to $414,898 for the same period in 2000.
The increase in revenues resulted from higher average prices received, offset by

                                        7

<PAGE>



a decline in production.  For the six months ended June 30, 2001, 11,505 barrels
of oil, 2,477 barrels of natural gas liquids ("NGLs") and 17,805 mcf of gas were
sold, or 16,950  barrel of oil  equivalents  ("BOEs").  For the six months ended
June 30, 2000,  11,959  barrels of oil,  4,427 barrels of NGLs and 14,092 mcf of
gas were sold, or 18,735 BOEs.

The average price received per barrel of oil increased  slightly from $27.46 for
the six months  ended June 30, 2000 to $27.55 for the same  period in 2001.  The
average price received per barrel of NGLs increased  $3.24,  or 25%, from $12.80
during the six months ended June 30, 2000 to $16.04 for the same period in 2001.
The average price  received per mcf of gas increased  133% from $2.11 during the
six months ended June 30, 2000 to $4.91 for the same period in 2001.  The market
price  for oil and gas has  been  extremely  volatile  in the  past  decade  and
management expects a certain amount of volatility to continue in the foreseeable
future.  The Partnership may therefore sell its future oil and gas production at
average  prices lower or higher than that  received  during the six months ended
June 30, 2001.

Costs and Expenses:

Total costs and expenses increased to $235,830 for the six months ended June 30,
2001 as  compared  to  $200,554  for the same  period in 2000,  an  increase  of
$35,276, or 18%. This increase was due to increases in production costs, general
and administrative expenses ("G&A") and depletion.

Production  costs  were  $193,283  for the six months  ended  June 30,  2001 and
$161,148 for the same period in 2000,  resulting in a $32,135 increase,  or 20%.
The increase was primarily due to additional well maintenance and workover costs
incurred to stimulate well  production and higher  production  taxes  associated
with higher oil and gas prices.

G&A's  components are independent  accounting and engineering  fees and managing
general partner personnel and operating costs. During this period, G&A increased
12% from  $13,090 for the six months ended June 30, 2000 to $14,679 for the same
period in 2001,  primarily due to a higher  percentage  of the managing  general
partner's  G&A being  allocated  (limited  to 3% of oil and gas  revenues)  as a
result of increased oil and gas revenues and an increase in audit and tax fees.

Depletion  was  $27,868  for the six months  ended June 30,  2001 as compared to
$26,316 for the same period in 2000, an increase of $1,552, or 6%. This increase
was the result of a reduction  in proved  reserves  during the period ended June
30, 2001 due to lower commodity prices, offset by a decline in oil production of
454 barrels for the six months  ended June 30, 2001  compared to the same period
in 2000.

Three months ended June 30, 2001 compared with three months
  ended June 30, 2000

Revenues:

The  Partnership's  oil and gas revenues  decreased 4% to $213,193 for the three
months  ended June 30, 2001 as compared to $221,187 for the same period in 2000.
The decrease in revenues resulted from a decline in production and lower average
prices  received for oil,  offset by higher average prices  received for gas and
NGLs.  For the three  months ended  June 30,  2001,  5,694 barrels of oil, 1,618

                                        8

<PAGE>



barrels of NGLs and 9,654 mcf of gas were  sold,  or 8,921  BOEs.  For the three
months  ended June 30, 2000,  6,157  barrels of oil,  2,484  barrels of NGLs and
7,658 mcf of gas were sold, or 9,917 BOEs.

The average price received per barrel of oil decreased  $.75, or 3%, from $27.75
for the three  months ended June 30, 2000 to $27.00 for the same period in 2001.
The average  price  received per barrel of NGLs  increased  $1.82,  or 14%, from
$12.68 during the three months ended June 30, 2000 to $14.50 for the same period
in 2001.  The average  price  received per mcf of gas  increased  52% from $2.44
during  the three  months  ended June 30,  2000 to $3.72 for the same  period in
2001.

Costs and Expenses:

Total costs and  expenses  increased to $118,532 for the three months ended June
30, 2001 as  compared  to $97,167  for the same  period in 2000,  an increase of
$21,365,  or 22%.  This  increase was due to increases in  production  costs and
depletion, offset by a decrease in G&A.

Production  costs were  $97,643  for the three  months  ended June 30,  2001 and
$77,437 for the same period in 2000,  resulting in a $20,206  increase,  or 26%.
The increase was primarily due to additional well maintenance and workover costs
incurred to stimulate well production.

During this period, G&A decreased 9% from $7,156 for the three months ended June
30,  2000 to  $6,504  for the  same  period  in 2001,  primarily  due to a lower
percentage of the managing general partner's G&A being allocated  (limited to 3%
of oil and gas  revenues) as a result of a decline in oil and gas revenues and a
decline in audit and tax fees.

Depletion  was $14,385 for the three  months  ended June 30, 2001 as compared to
$12,574  for the same  period in 2000,  an  increase  of  $1,811,  or 14%.  This
increase  was the result of a  reduction  in proved  reserves  during the period
ended June 30, 2001 due to lower  commodity  prices,  offset by a decline in oil
production  of 463 barrels for the three months ended June 30, 2001  compared to
the same period in 2000.

Liquidity and Capital Resources

Net Cash Provided by Operating Activities

Net cash  provided by  operating  activities  increased  $41,127  during the six
months  ended  June 30,  2001 from the same  period  ended June 30,  2000.  This
increase was due to a reduction in working capital of $45,662 and an increase of
$29,189 in oil and gas sales receipts,  offset by increases in production  costs
of $32,135 and G&A  expenses  of $1,589.  The  increase in oil and gas  receipts
resulted from the increase in commodity prices during 2001 which  contributed an
additional $54,741 to oil and gas receipts, offset by $25,552 resulting from the
decline in  production  during 2001 as compared to the same period in 2000.  The
increase in production  costs was primarily due to additional  well  maintenance
and  workover  costs  incurred  to  stimulate  well   production  and  increased
production taxes associated with higher oil and gas prices.  The increase in G&A
was primarily due to a higher  percentage of the managing general  partner's G&A
being allocated (limited to 3% of oil and gas revenues) as a result of increased
oil and gas revenues and an increase in audit and tax fees.


                                        9

<PAGE>



Net Cash Used in Investing Activities

The  Partnership's  principal  investing  activities during the six months ended
June 30, 2001 and 2000 were related to  expenditures  for oil and gas  equipment
upgrades on active properties.

Net Cash Used in Financing Activities

For the six months ended June 30, 2001, cash  distributions to the partners were
$161,186,  of which $1,612 was  distributed to the managing  general partner and
$159,574 to the limited partners.  For the same period ended June 30, 2000, cash
distributions to the partners were $216,896,  of which $2,169 was distributed to
the managing general partner and $214,727 to the limited partners.

For the three  months  ended June 30, 2001,  no  distributions  were made by the
partnership to its partners.  Subsequent to June 30, 2001 the cash  distribution
that  otherwise  would  have been  mailed to  partners  in late June was made to
holders  of  record  as of July 9, 2001 and was  mailed  on July 13,  2001.  For
further information, see "Proposal to acquire partnerships" below.

Proposal to acquire partnerships

On June 29, 2001,  Pioneer Natural Resources Company  ("Pioneer") filed with the
Securities and Exchange Commission  Amendment No. 1 to the Form S-4 Registration
Statement (File No. 333-59094) (the "preliminary  proxy  statement/prospectus"),
which  proposes an agreement and plan of merger among Pioneer,  Pioneer  Natural
Resources USA, Inc. ("Pioneer USA"), a wholly-owned  subsidiary of Pioneer,  and
46 Parker & Parsley limited  partnerships.  Each  partnership  that approves the
agreement and plan of merger and the other related  merger  proposals will merge
with and into Pioneer USA upon the closing of the transactions  described in the
preliminary proxy  statement/prospectus,  and the partnership  interests of each
such  partnership  will be converted  into the right to receive  Pioneer  common
stock.  The Partnership is one of the 46 Parker & Parsley  limited  partnerships
that will be asked to approve the agreement and plan of merger.  The preliminary
proxy statement/prospectus is non-binding and is subject to, among other things,
consideration  of offers from third parties to purchase any  partnership  or its
assets and the majority  approval of the limited  partnership  interests in each
partnership.

Pioneer USA will solicit  proxies  from limited  partners to approve the mergers
only when the proxy  statement/prospectus  is final and declared  effective.  No
solicitation will be made using preliminary  materials.  Nonetheless,  copies of
the preliminary proxy  statement/prospectus  may be obtained without charge upon
request from Pioneer Natural Resources Company, 5205 North O'Connor Blvd., Suite
1400, Irving, Texas 75039, Attention: Investor Relations.

The limited partners are urged to read the proxy statement/prospectus of Pioneer
filed with the Securities and Exchange Commission, when it is finalized, because
it  contains  important  information  about  the  proposed  mergers,   including
information  about the direct and indirect  interests of Pioneer USA and Pioneer
in the mergers.  The limited  partners may also obtain the preliminary and (when
filed) final proxy statement/prospectus and other relevant documents relating to
the proposed  mergers free through the internet web site that the Securities and
Exchange Commission maintains at www.sec.gov.

                                       10

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---------------

(1)  "Item 2.  Management's  Discussion and Analysis of Financial  Condition and
     Results of Operations"  contains  forward  looking  statements that involve
     risks and uncertainties.  Accordingly,  no assurances can be given that the
     actual  events  and  results  will  not be  materially  different  than the
     anticipated results described in the forward looking statements.


                           Part II. Other Information

Item 6.     Exhibits and Reports on Form 8-K

(a)   Exhibits - none

(b)   Form 8-K - none


                                       11

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                        PARKER & PARSLEY 90-C CONV., L.P.
                        (A Delaware Limited Partnership)



                               S I G N A T U R E S



     Pursuant to the  requirements  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.

                                           PARKER & PARSLEY 90-C CONV., L.P.

                                  By:      Pioneer Natural Resources USA, Inc.,
                                             Managing General Partner





Dated:  August 7, 2001            By:      /s/ Rich Dealy
                                           --------------------------------
                                           Rich Dealy, Vice President and
                                           Chief Accounting Officer




                                       12

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