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 September 30, 2000


                         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)


1400 Williams Square West, 5205 N. O'Connor Blvd., 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 / /






<PAGE>



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

                                TABLE OF CONTENTS


                                                                        Page
                          Part I. Financial Information

Item 1.     Financial Statements

            Balance Sheets as of September 30, 2000 and
               December 31, 1999......................................    3

            Statements of Operations for the three and nine
              months ended September 30, 2000 and 1999................    4

            Statement of Partners' Capital for the nine months
              ended September 30, 2000................................    5

            Statements of Cash Flows for the nine months ended
              September 30, 2000 and 1999.............................    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..........................   10

            27.1   Financial Data Schedule

            Signatures................................................   11



                                        2

<PAGE>



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

                          Part I. Financial Information

Item 1.     Financial Statements
<TABLE>

                                 BALANCE SHEETS
<CAPTION>

                                                   September 30,   December 31,
                                                       2000            1999
                                                   ------------    -----------
                                                   (Unaudited)
                 ASSETS
<S>                                                <C>             <C>
Current assets:
   Cash                                            $   122,448     $   107,295
   Accounts receivable - oil and gas sales             111,038          79,853
                                                    ----------      ----------
            Total current assets                       233,486         187,148
                                                    ----------      ----------
Oil and gas properties - at cost, based on the
   successful efforts accounting method              5,791,530       5,775,729
Accumulated depletion                               (4,987,271)     (4,948,614)
                                                    ----------      ----------
            Net oil and gas properties                 804,259         827,115
                                                    ----------      ----------
                                                   $ 1,037,745     $ 1,014,263
                                                    ==========      ==========
LIABILITIES AND PARTNERS' CAPITAL

Current liabilities:
   Accounts payable - affiliate                    $    30,298     $    16,718

Partners' capital:
   Managing general partner                             10,044           9,945
   Limited partners (7,531 interests)                  997,403         987,600
                                                    ----------      ----------
                                                     1,007,447         997,545
                                                    ----------      ----------
                                                   $ 1,037,745     $ 1,014,263
                                                    ==========      ==========
</TABLE>



The financial information included as of September 30, 2000 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>
<CAPTION>

                                  Three months ended         Nine months ended
                                     September 30,              September 30,
                                ----------------------    ----------------------
                                   2000         1999         2000         1999
                                ---------    ---------    ---------    ---------
<S>                             <C>          <C>          <C>          <C>
Revenues:
   Oil and gas                  $ 256,283    $ 154,893    $ 671,181    $ 353,470
   Interest                         2,546        1,147        5,989        2,629
                                 --------     --------     --------     --------
                                  258,829      156,040      677,170      356,099
                                 --------     --------     --------     --------
Costs and expenses:
   Oil and gas production          84,096       65,985      245,244      220,544
   General and administrative       8,742        6,341       21,832       13,426
   Depletion                       12,341       15,793       38,657       72,283
                                 --------     --------     --------     --------
                                  105,179       88,119      305,733      306,253
                                 --------     --------     --------     --------
Net income                      $ 153,650    $  67,921    $ 371,437    $  49,846
                                 ========     ========     ========     ========
Allocation of net income:
   Managing general partner     $   1,536    $     679    $   3,714    $     498
                                 ========     ========     ========     ========
   Limited partners             $ 152,114    $  67,242    $ 367,723    $  49,348
                                 ========     ========     ========     ========
Net income per limited
   partnership interest         $   20.20    $    8.93    $   48.83    $    6.55
                                 ========     ========     ========     ========
</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>
<CAPTION>

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

<S>                                    <C>            <C>           <C>
Balance at January 1, 2000             $   9,945      $  987,600    $  997,545

    Distributions                         (3,615)       (357,920)     (361,535)

    Net income                             3,714         367,723       371,437
                                        --------       ---------     ---------

Balance at September 30, 2000          $  10,044      $  997,403    $1,007,447
                                        ========       =========     =========
</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>
<CAPTION>

                                                         Nine months ended
                                                           September 30,
                                                      ------------------------
                                                         2000          1999
                                                      ----------    ----------
<S>                                                   <C>           <C>
Cash flows from operating activities:
   Net income                                         $  371,437    $   49,846
   Adjustments to reconcile net income to net
     cash provided by operating activities:
        Depletion                                         38,657        72,283
   Changes in assets and liabilities:
        Accounts receivable                              (31,185)      (34,960)
        Accounts payable                                  13,580        11,011
                                                       ---------     ---------
          Net cash provided by operating activities      392,489        98,180
                                                       ---------     ---------
Cash flows used in investing activities:
   Additions to oil and gas properties                   (15,801)       (9,700)

Cash flows used in financing activities:
   Cash distributions to partners                       (361,535)      (54,832)
                                                       ---------     ---------
Net increase in cash                                      15,153        33,648
Cash at beginning of period                              107,295        66,221
                                                       ---------     ---------
Cash at end of period                                 $  122,448    $   99,869
                                                       =========     =========
</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
                               September 30, 2000
                                   (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  September  30, 2000 and for the three and nine months  ended
September 30, 2000 and 1999 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 September 30, 1999 financial  statements to conform to
the September 30, 2000 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, 1999, 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,  1400 Williams Square
West, Irving, Texas 75039-3746.

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

Results of Operations

Nine months ended  September 30, 2000 compared with nine months ended  September
   30, 1999

Revenues:

The  Partnership's  oil and gas revenues  increased 90% to $671,181 for the nine
months ended  September  30, 2000 as compared to $353,470 for the same period in
1999.  The increase in revenues resulted from higher average prices received and

                                        7

<PAGE>



an increase in production.  For the nine months ended September 30, 2000, 17,723
barrels of oil, 7,280 barrels of natural gas liquids  ("NGLs") and 25,305 mcf of
gas were sold, or 29,221 barrel of oil equivalents ("BOEs"). For the nine months
ended  September  30, 1999,  17,502  barrels of oil,  6,463  barrels of NGLs and
21,288 mcf of gas were sold, or 27,513 BOEs.

The average  price  received per barrel of oil  increased  $13.20,  or 87%, from
$15.19  for the nine  months  ended  September  30,  1999 to $28.39 for the same
period in 2000. The average price  received per barrel of NGLs increased  $5.95,
or 73%, from $8.13 during the nine months ended September 30, 1999 to $14.08 for
the same period in 2000. The average price received per mcf of gas increased 57%
from $1.65 during the nine months ended September 30, 1999 to $2.59 for the same
period in 2000. 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 nine months ended September 30, 2000.

Costs and Expenses:

Total  costs and  expenses  decreased  to  $305,733  for the nine  months  ended
September  30,  2000 as compared  to  $306,253  for the same  period in 1999,  a
decrease of $520.  This  decrease was due to a decline in  depletion,  offset by
increases in production costs and general and administrative expenses ("G&A").

Production  costs were $245,244 for the nine months ended September 30, 2000 and
$220,544 for the same period in 1999,  resulting  in an increase of $24,700,  or
11%.  The  increase  was  primarily  due to higher  production  taxes of $22,689
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,  in aggregate,  63% from $13,426 for the nine months ended  September
30,  1999 to  $21,832  for the same  period  in 2000  primarily  due to a higher
allocation 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.

Depletion  was $38,657 for the nine months ended  September 30, 2000 compared to
$72,283 for the same period in 1999, representing a decrease of $33,626, or 47%.
This  decrease  was the result of an increase in proved  reserves  due to higher
commodity  prices as compared to the same period in 1999,  offset by an increase
in oil  production  of 221 barrels for the nine months ended  September 30, 2000
compared to the same period in 1999.

Three months ended September 30, 2000 compared with three months ended September
   30, 1999

Revenues:

The Partnership's  oil and gas revenues  increased 65% to $256,283 for the three
months ended  September  30, 2000 as compared to $154,893 for the same period in
1999. The increase in revenues  resulted from higher average prices received and
an increase in production.  For the three months ended September 30, 2000, 5,764
barrels of oil, 2,853 barrels of NGLs and 11,213 mcf of gas were sold, or 10,486

                                        8

<PAGE>



BOEs. For the three months ended September 30, 1999, 5,982 barrels of oil, 2,349
barrels of NGLs and 7,688 mcf of gas were sold, or 9,612 BOEs.

The average  price  received per barrel of oil  increased  $11.13,  or 58%, from
$19.17 for the three  months  ended  September  30,  1999 to $30.30 for the same
period in 2000. The average price  received per barrel of NGLs increased  $5.33,
or 50%, from $10.74  during the three months ended  September 30, 1999 to $16.07
for the same period in 2000. The average price received per mcf of gas increased
64% from $1.94 during the three months ended September 30, 1999 to $3.19 for the
same period in 2000.

Costs and Expenses:

Total costs and  expenses  increased  to  $105,179  for the three  months  ended
September  30,  2000 as  compared  to $88,119  for the same  period in 1999,  an
increase of $17,060,  or 19%.  This  increase was due to increases in production
costs and G&A, offset by a decline in depletion.

Production  costs were $84,096 for the three months ended September 30, 2000 and
$65,985 for the same period in 1999,  resulting in an $18,111 increase,  or 27%.
The increase was primarily due to higher  production taxes of $8,518  associated
with higher oil and gas prices and additional well maintenance costs incurred to
stimulate well production of $4,440.

During this period, G&A increased,  in aggregate,  38% from $6,341 for the three
months ended  September 30, 1999 to $8,742 for the same period in 2000 primarily
due to a higher allocation 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.

Depletion was $12,341 for the three months ended  September 30, 2000 compared to
$15,793 for the same period in 1999,  representing a decrease of $3,452, or 22%.
This decrease was primarily  attributable to an increase in proved reserves as a
result of higher commodity prices and a decline in oil production of 218 barrels
when compared to the respective information for the same period in 1999.

Liquidity and Capital Resources

Net Cash Provided by Operating Activities

Net cash provided by operating  activities  increased  $294,309  during the nine
months ended  September 30, 2000 from the same period ended  September 30, 1999.
This increase was due to an increase in oil and gas sales  receipts of $324,846,
offset by increases in production costs paid of $21,119 and G&A expenses paid of
$9,418.

Net Cash Used in Investing Activities

The  Partnership's  investing  activities during the nine months ended September
30, 2000 and 1999 were for expenditures related to equipment upgrades on various
oil and gas properties.

                                       9

<PAGE>



Net Cash Used in Financing Activities

For the nine months ended September 30, 2000, cash distributions to the partners
were $361,535,  of which $3,615 was distributed to the managing  general partner
and $357,920 to the limited  partners.  For the same period ended  September 30,
1999,  cash  distributions  to the  partners  were  $54,832,  of which  $548 was
distributed to the managing general partner and $54,284 to the limited partners.


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

(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

      27.1  Financial Data Schedule

(b)   Reports on Form 8-K - none


                                       10

<PAGE>


                        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:  November 8, 2000           By:    /s/ Rich Dealy
                                           ---------------------------------
                                           Rich Dealy, Vice President and
                                             Chief Accounting Officer



                                       11

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