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 March 31, 2000

                          Commission File No. 2-75530A

                           PARKER & PARSLEY 82-1, LTD.
             (Exact name of Registrant as specified in its charter)


                          Texas                             75-1825545
          ---------------------------------------      ---------------------
              (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 / /




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                           PARKER & PARSLEY 82-I, LTD.

                                TABLE OF CONTENTS


                                                                      Page

                          Part I. Financial Information

Item 1.    Financial Statements

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

           Statements of Operations for the three months
             ended March 31, 2000 and 1999...........................    4

           Statement of Partners' Capital for the three months
             ended March 31, 2000....................................    5

           Statements of Cash Flows for the three months
             ended March 31, 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..........................    9

           27.1    Financial Data Schedule

           Signatures................................................   10




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                           PARKER & PARSLEY 82-I, LTD.
                          (A Texas Limited Partnership)

                          Part I. Financial Information

Item 1.      Financial Statements

                                 BALANCE SHEETS

                                                      March 31,    December 31,
                                                        2000           1999
                                                    -----------    -----------
                                                    (Unaudited)
                 ASSETS
Current assets:
   Cash                                             $    66,101    $    61,558
   Accounts receivable - oil and gas sales               79,463         61,533
                                                     ----------     ----------
         Total current assets                           145,564        123,091
                                                     ----------     ----------
Oil and gas properties - at cost, based on the
   successful efforts accounting method               9,889,630      9,889,520
Accumulated depletion                                (9,596,561)    (9,587,504)
                                                     ----------     ----------
         Net oil and gas properties                     293,069        302,016
                                                     ----------     ----------
                                                    $   438,633    $   425,107
                                                     ==========     ==========
LIABILITIES AND PARTNERS' CAPITAL

Current liabilities:
   Accounts payable - affiliate                     $    15,126    $    13,314

Partners' capital:
   General partners                                     156,073        151,802
   Limited partners (4,891 interests)                   267,434        259,991
                                                     ----------     ----------
                                                        423,507        411,793
                                                     ----------     ----------
                                                    $   438,633    $   425,107
                                                     ==========     ==========



  The financial information included as of March 31, 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


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                           PARKER & PARSLEY 82-I, LTD.
                          (A Texas Limited Partnership)

                            STATEMENTS OF OPERATIONS
                                   (Unaudited)



                                                         Three months ended
                                                               March 31,
                                                      -------------------------
                                                         2000           1999
                                                      ----------     ----------
Revenues:
  Oil and gas                                         $  172,087     $   85,403
  Interest                                                   973            508
                                                       ---------      ---------
                                                         173,060         85,911
                                                       ---------      ---------
Costs and expenses:
  Oil and gas production                                  85,023         74,678
  General and administrative                               5,363          3,313
  Depletion                                                9,057         73,454
                                                       ---------      ---------
                                                          99,443        151,445
                                                       ---------      ---------
Net income (loss)                                     $   73,617     $  (65,534)
                                                       =========      =========
Allocation of net income (loss):
  General partners                                    $   19,763     $   (5,366)
                                                       =========      =========
  Limited partners                                    $   53,854     $  (60,168)
                                                       =========      =========
Net income (loss) per limited partnership interest    $    11.01     $   (12.30)
                                                       =========      =========
Distributions per limited partnership interest        $     9.49     $     1.50
                                                       =========      =========




         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


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                           PARKER & PARSLEY 82-I, LTD.
                          (A Texas Limited Partnership)

                         STATEMENT OF PARTNERS' CAPITAL
                                   (Unaudited)




                                      General        Limited
                                      partners       partners        Total
                                     ----------     ----------     ----------

Balance at January 1, 2000           $  151,802     $  259,991     $  411,793

    Distributions                       (15,492)       (46,411)       (61,903)

    Net income                           19,763         53,854         73,617
                                      ---------      ---------      ---------

Balance at March 31, 2000            $  156,073     $  267,434     $  423,507
                                      =========      =========      =========






         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


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                           PARKER & PARSLEY 82-I, LTD.
                          (A Texas Limited Partnership)

                            STATEMENTS OF CASH FLOWS
                                   (Unaudited)



                                                          Three months ended
                                                               March 31,
                                                      -------------------------
                                                         2000           1999
                                                      ----------     ----------
Cash flows from operating activities:
  Net income (loss)                                   $   73,617     $  (65,534)
  Adjustments to reconcile net income (loss) to net
     cash provided by operating activities:
       Depletion                                           9,057         73,454
  Changes in assets and liabilities:
       Accounts receivable                               (17,930)        (8,886)
       Accounts payable                                    1,812          3,449
                                                       ---------      ---------
          Net cash provided by operating activities       66,556          2,483
                                                       ---------      ---------
Cash flows used in investing activities:
  Additions to oil and gas properties                       (110)            (9)

Cash flows used in financing activities:
  Cash distributions to partners                         (61,903)        (9,794)
                                                       ---------      ---------
Net increase (decrease) in cash                            4,543         (7,320)
Cash at beginning of period                               61,558         44,427
                                                       ---------      ---------
Cash at end of period                                 $   66,101     $   37,107
                                                       =========      =========




         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


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                           PARKER & PARSLEY 82-I, LTD.
                          (A Texas Limited Partnership)

                          NOTES TO FINANCIAL STATEMENTS
                                 March 31, 2000
                                   (Unaudited)

Note 1.     Organization and nature of operations

Parker  &  Parsley  82-I,  Ltd.  (the  "Partnership")  is a  limited partnership
organized in 1982 under the laws of the State of Texas.

The Partnership  engages in oil and gas exploration,  development and production
in Texas and New Mexico 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 March 31, 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 March 31, 1999 financial  statements to conform to the
March 31, 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

Revenues:

The Partnership's oil and gas revenues  increased 101% to $172,087 for the three
months  ended March 31, 2000 as compared to $85,403 for the same period in 1999.
The increase in revenues resulted from higher average prices received, offset by
a decrease in  production.  For the three  months  ended March 31,  2000,  4,433
barrels of oil, 1,810 barrels of natural gas liquids  ("NGLs") and 12,235 mcf of
gas were sold, or 8,282 barrel of oil equivalents ("BOEs"). For the three months

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ended March 31, 1999, 5,012 barrels of oil, 1,752 barrels of NGLs and 12,173 mcf
of gas were sold, or 8,793 BOEs.

The average price  received per barrel of oil increased  $15.43,  or 131%,  from
$11.80 for the three  months  ended March 31, 1999 to $27.23 for the same period
in 2000. The average price received per barrel of NGLs increased $7.68, or 154%,
from  $4.99 for the three  months  ended  March 31,  1999 to $12.67 for the same
period in 2000.  The average price  received per mcf of gas increased  62%, from
$1.44 for the three  months ended March 31, 1999 to $2.33 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 three
months ended March 31, 2000.

The volatility of commodity prices has had, and continues to have, a significant
impact on the Partnership's revenues and operating cash flow and could result in
additional  decreases to the  carrying  value of the  Partnership's  oil and gas
properties.

Costs and Expenses:

Total costs and  expenses  decreased to $99,443 for the three months ended March
31,  2000 as compared  to  $151,445  for the same period in 1999,  a decrease of
$52,002,  or 34%.  This  decrease was  primarily  due to a decline in depletion,
offset by increases in production costs and general and administrative  expenses
("G&A").

Production  costs were  $85,023  for the three  months  ended March 31, 2000 and
$74,678 for the same period in 1999 resulting in a $10,345 increase, or 14%. The
increase  was  due to  higher  production  taxes  due to  increased  oil and gas
revenues and  additional  well  maintenance  costs  incurred to  stimulate  well
production.

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,  62% from $3,313 for the three months ended March 31,
1999 to $5,363 for the same period in 2000  primarily  due to increased  oil and
gas revenues.

Depletion  was $9,057 for the three  months  ended  March 31,  2000  compared to
$73,454  for the same  period in 1999,  a  decrease  of  $64,397,  or 88%.  This
decrease  was the  result of an  increase  in proved  reserves  during the three
months ended March 31, 2000 due to higher  commodity prices and a decline in oil
production  of 579 barrels for the period  ended March 31, 2000  compared to the
same period in 1999.

Liquidity and Capital Resources

Net Cash Provided by Operating Activities

Net cash provided by operating  activities  increased  $64,073  during the three
months  ended  March 31,  2000 from the same period in 1999.  The  increase  was

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primarily  attributable to an increase of $78,105 in oil and gas sales receipts,
offset by increases in operating  costs paid of $10,490 and G&A expenses paid of
$3,542.

Net Cash Used in Financing Activities

For the three months ended March 31, 2000,  cash  distributions  to the partners
were  $61,903,  of which  $15,492 was  distributed  to the general  partners and
$46,411 to the limited partners.  For the same period ended March 31, 1999, cash
distributions  to the partners were $9,794,  of which $2,453 was  distributed to
the general partners and $7,341 to the limited partners.

Other Items

Year 2000

During 1998, the managing general partner established a "Year 2000" project that
assessed the Partnership's and the managing general partner's internal Year 2000
problem; took remedial actions necessary to minimize the Year 2000 risk exposure
to the managing  general  partner and third  parties;  and,  tested the managing
general partner's systems and processes once remedial actions were taken.

The  managing  general  partner  has  closely   monitored  its  information  and
non-information   technology  systems  since  the  beginning  of  2000  and  has
identified no significant Year 2000 failures or problems.

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

(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.


                                        9


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                           PARKER & PARSLEY 82-1, LTD.
                          (A Texas 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 82-1, LTD.

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

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

                                       10


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