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, 1999



                          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)


303 West Wall, Suite 101, Midland, Texas                       79701
(Address of principal executive offices)                     (Zip code)

       Registrant's Telephone Number, including area code : (915) 683-4768

                                 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 September 30, 1999 and
              December 31, 1998.....................................    3

           Statements of Operations for the three and nine
             months ended September 30, 1999 and 1998...............    4

           Statement of Partners' Capital for the nine months
             ended September 30, 1999...............................    5

           Statements of Cash Flows for the nine months ended
             September 30, 1999 and 1998............................    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.........................   12

           27.1   Financial Data Schedule

           Signatures...............................................   13




                                        2

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

                          Part I. Financial Information

Item 1.   Financial Statements
                                 BALANCE SHEETS

                                                   September 30,   December 31,
                                                       1999           1998
                                                   ------------    -----------
                                                   (Unaudited)
                 ASSETS

Current assets:
  Cash                                             $    63,102     $    44,427
  Accounts receivable - oil and gas sales               63,187          36,699
                                                    ----------      ----------
         Total current assets                          126,289          81,126
                                                    ----------      ----------
Oil and gas properties - at cost, based on the
  successful efforts accounting method               9,884,989       9,885,470
Accumulated depletion                               (9,580,285)     (9,492,068)
                                                    ----------      ----------
         Net oil and gas properties                    304,704         393,402
                                                    ----------      ----------
                                                   $   430,993     $   474,528
                                                    ==========      ==========
LIABILITIES AND PARTNERS' CAPITAL

Current liabilities:
  Accounts payable - affiliate                     $    18,929     $    12,288

Partners' capital:
  General partners                                     151,323         150,932
  Limited partners (4,891 interests)                   260,741         311,308
                                                    ----------      ----------
                                                       412,064         462,240
                                                    ----------      ----------
                                                   $   430,993     $   474,528
                                                    ==========      ==========



The financial information included as of September 30, 1999 has been prepared by
          management 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      Nine months ended
                                       September 30,           September 30,
                                  ---------------------   ---------------------
                                     1999        1998        1999        1998
                                  ---------   ---------   ---------   ---------
Revenues:
   Oil and gas                    $ 128,826   $ 101,985   $ 315,328   $ 307,555
   Interest                             797         861       1,834       3,380
   Gain on disposition of assets        -           -           -           199
                                   --------    --------    --------    --------
                                    129,623     102,846     317,162     311,134
                                   --------    --------    --------    --------
Costs and expenses:
   Oil and gas production            65,896      93,114     216,407     268,381
   General and administrative         6,231       3,733      13,082      10,455
   Depletion                          6,768      68,442      88,217     124,078
                                   --------    --------    --------    --------
                                     78,895     165,289     317,706     402,914
                                   --------    --------    --------    --------
Net income (loss)                 $  50,728   $ (62,443)  $    (544)  $ (91,780)
                                   ========    ========    ========    ========
Allocation of net income (loss):
   General partners               $  13,044   $  (5,344)  $  12,443   $  (4,363)
                                   ========    ========    ========    ========
   Limited partners               $  37,684   $ (57,099)  $ (12,987)  $ (87,417)
                                   ========    ========    ========    ========
Net income (loss) per limited
   partnership interest           $    7.70   $  (11.67)  $   (2.66)  $  (17.87)
                                   ========    ========    ========    ========
Distributions per limited
   partnership interest           $    4.90   $    2.34   $    7.68   $   15.54
                                   ========    ========    ========    ========




         The financial information included herein has been prepared by
           management 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, 1999          $  150,932      $  311,308     $  462,240

    Distributions                      (12,052)        (37,580)       (49,632)

    Net income (loss)                   12,443         (12,987)          (544)
                                     ---------       ---------      ---------

Balance at September 30, 1999       $  151,323      $  260,741     $  412,064
                                     =========       =========      =========







         The financial information included herein has been prepared by
           management 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)



                                                      Nine months ended
                                                         September 30,
                                                  ---------------------------
                                                     1999             1998
                                                  ----------      -----------
Cash flows from operating activities:
   Net loss                                       $     (544)     $  (91,780)
   Adjustments to reconcile net loss to net
      cash provided by operating activities:
        Depletion                                     88,217         124,078
        Gain on disposition of assets                    -              (199)
   Changes in assets and liabilities:
        Accounts receivable                          (26,488)         12,908
        Accounts payable                               6,641           6,597
                                                   ---------       ---------
             Net cash provided by operating
               activities                             67,826          51,604
                                                   ---------       ---------
Cash flows from investing activities:
   Additions to oil and gas properties                  (223)         (6,031)
   Proceeds from asset dispositions                      704          14,397
                                                   ---------       ---------
             Net cash provided by investing
               activities                                481           8,366
                                                   ---------       ---------
Cash flows used in financing activities:
   Cash distributions to partners                    (49,632)        (89,991)
                                                   ---------       ---------
Net increase (decrease) in cash                       18,675         (30,021)
Cash at beginning of period                           44,427          83,286
                                                   ---------       ---------
Cash at end of period                             $   63,102      $   53,265
                                                   =========       =========




         The financial information included herein has been prepared by
           management 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
                               September 30, 1999
                                   (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  primarily 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  September  30, 1999 and for the three and nine months  ended
September 30, 1999 and 1998 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  information  and  footnote  disclosure  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, 1998, 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, 1999 compared with nine months ended  September
 30, 1998

Revenues:

The  Partnership's  oil and gas revenues  increased 3% to $315,328 from $307,555
for the nine  months  ended  September  30,  1999 and  1998,  respectively.  The
increase in revenues  resulted from higher average prices received,  offset by a
decrease in  production.  For the nine months ended  September 30, 1999,  13,535
barrels of oil, 5,381 barrels of natural gas liquids  ("NGLs") and 37,870 mcf of

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gas were sold, or 25,228 barrel of oil equivalents ("BOEs"). For the nine months
ended  September  30, 1998,  14,590  barrels of oil,  4,770  barrels of NGLs and
38,164 mcf of gas were sold, or 25,721 BOEs.

The average price received per barrel of oil increased $1.11, or 8%, from $13.64
for the nine months  ended  September  30, 1998 to $14.75 for the same period in
1999.  The average  price  received  per barrel of NGLs  increased 4% from $7.89
during the nine months ended  September 30, 1998 to $8.20 for the same period in
1999.  The average price  received per mcf of gas increased  slightly from $1.86
during the nine months ended  September 30, 1998 to $1.89 for the same period in
1999. 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, 1999.

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.

A gain on disposition  of assets of $199 was  recognized  during the nine months
ended September 30, 1998 from post closing adjustments received from the sale of
eight oil and gas wells during 1997.

Costs and Expenses:

Total  costs and  expenses  decreased  to  $317,706  for the nine  months  ended
September  30,  1999 as compared  to  $402,914  for the same  period in 1998,  a
decrease of $85,208,  or 21%.  This  decrease was due to declines in  production
costs and  depletion,  offset  by an  increase  in  general  and  administrative
expenses ("G&A").

Production  costs were $216,407 for the nine months ended September 30, 1999 and
$268,381 for the same period in 1998  resulting in a $51,974  decrease,  or 19%,
primarily attributable to a decline in well maintenance costs.

G&A's  components are independent  accounting and engineering  fees and managing
general partner personnel and operating costs. During this period, G&A increased
from  $10,455 for the nine months  ended  September  30, 1998 to $13,082 for the
same period in 1999.  The increase in G&A was due to accrued 1999 tax processing
services as compared to the 1998 tax  services  which were paid during the first
six months of 1999.

Depletion  was $88,217 for the nine months ended  September 30, 1999 compared to
$124,078  for the same period in 1998,  representing  a decrease of $35,861,  or
29%. This decrease was attributable to an increase in proved reserves during the
period ended September 30, 1999 due to higher  commodity  prices, a reduction in
oil  production  of 1,055  barrels for the nine months ended  September 30, 1999
compared  to the same period in 1998 and a reduction  in the  Partnership's  net
depletable  basis from charges taken in accordance  with  Statement of Financial
Accounting  Standards  No. 121,  "Accounting  for the  Impairment  of Long-Lived
Assets and for  Long-Lived  Assets to be Disposed  Of" ("SFAS  121")  during the
fourth quarter of 1998.

                                        8

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Three months ended September 30, 1999 compared with three months ended September
 30, 1998

Revenues:

The Partnership's  oil and gas revenues  increased 26% to $128,826 from $101,985
for the three  months  ended  September  30,  1999 and 1998,  respectively.  The
increase in revenues  resulted from higher average prices received,  offset by a
decrease in  production.  For the three months ended  September 30, 1999,  4,238
barrels of oil,  1,789 barrels of NGLs and 12,923 mcf of gas were sold, or 8,181
BOEs. For the three months ended September 30, 1998, 4,837 barrels of oil, 1,782
barrels of NGLs and 14,173 mcf of gas were sold, or 8,981 BOEs.

The average  price  received per barrel of oil  increased  $6.29,  or 50%,  from
$12.50 for the three  months  ended  September  30, 1998 to $18.79 for the three
months ended  September 30, 1999.  The average price received per barrel of NGLs
increased  $3.65, or 52%, from $6.97 during the three months ended September 30,
1998 to $10.62 for the same period in 1999.  The average price  received per mcf
of gas increased 14% from $2.05 during the three months ended September 30, 1998
to $2.34 for the same period in 1999.

Costs and Expenses:

Total  costs and  expenses  decreased  to  $78,895  for the three  months  ended
September  30,  1999 as compared  to  $165,289  for the same  period in 1998,  a
decrease of $86,394,  or 52%. This decrease was due to declines in depletion and
production costs, offset by an increase in G&A.

Production  costs were $65,896 for the three months ended September 30, 1999 and
$93,114 for the same period in 1998 resulting in a $27,218 decrease, or 29%. The
decrease was primarily due to declines in well maintenance  costs and ad valorem
taxes, offset by an increase in production taxes.

During  this  period,  G&A  increased  from  $3,733 for the three  months  ended
September  30, 1998 to $6,231 for the same period in 1999.  The  increase in G&A
was due to accrued  1999 tax  processing  services  as  compared to the 1998 tax
services which were paid during the first six months of 1999.

Depletion  was $6,768 for the three months ended  September 30, 1999 compared to
$68,442 for the same period in 1998, representing a decrease of $61,674, or 90%.
This  decrease  was  primarily  attributable  to an increase in proved  reserves
during the  period  ended  September  30,  1999 as a result of higher  commodity
prices and a reduction  in oil  production  of 599 barrels for the three  months
ended  September 30, 1999 compared to the same period in 1998 and a reduction in
the  Partnership's  net depletable  basis from charges taken in accordance  with
SFAS 121 during the fourth quarter of 1998.

Liquidity and Capital Resources

Net Cash Provided by Operating Activities

Net cash  provided by operating  activities  increased  $16,222  during the nine
months ended  September 30, 1999 from the same period ended  September 30, 1998.
This increase was  due to declines in production  costs paid of $44,080  and G&A

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expenses  paid of $5,311,  offset by decreases in oil and gas sales  receipts of
$31,623 and interest income of $1,546.

Net Cash Provided by Investing Activities

The Partnership's  principal  investing  activities during the nine months ended
September  30,  1999 and 1998 were  related  to the  replacement  of oil and gas
equipment on active properties.

Proceeds from asset  dispositions  of $704 were received  during the nine months
ended September 30, 1999 from equipment  credits received on active  properties.
Proceeds of $14,397 were  received  during the same period in 1998 from the sale
of properties during 1997.

Net Cash Used in Financing Activities

Cash was  sufficient  for the nine  months  ended  September  30,  1999 to cover
distributions to the partners of $49,632 of which $12,052 was distributed to the
general partners and $37,580 to the limited partners.  For the same period ended
September 30, 1998,  cash was  sufficient for  distributions  to the partners of
$89,991 of which $13,978 was distributed to the general  partners and $76,013 to
the limited partners.

From the third  quarter of 1997 through the first  quarter of 1999,  there was a
declining  trend in oil and gas price levels.  During the first quarter of 1999,
the  Organization of Petroleum  Exporting  Countries and certain other crude oil
exporting  nations announced  reductions in their planned export volumes.  These
announcements,  together  with the  enactment of announced  reductions in export
volumes,  have had a  positive  impact on world  crude oil  prices  since  first
quarter  of 1999.  No  assurances  can be given  that the  reductions  in export
volumes or the positive  trend in oil and gas commodity  prices can be sustained
for an extended period of time.

Year 2000 Project Readiness

Historically,  many computer programs have been developed that use only the last
two digits in a date to refer to a year.  As the year 2000 nears,  the inability
of such  computer  programs and embedded  technologies  to  distinguish  between
"1900" and "2000" has given rise to the "Year 2000" problem. Theoretically, such
computer  programs and related  technology  could fail outright,  or communicate
inaccurate  data,  if not  remediated  or replaced.  With the  proliferation  of
electronic  data  interchange,  the Year 2000 problem  represents a  significant
exposure to the entire  global  community,  the full  extent of which  cannot be
accurately assessed.

In proactive  response to the Year 2000 problem,  the managing  general  partner
established  a "Year  2000"  project to  assess,  to the  extent  possible,  the
Partnership's and the managing general partner's internal Year 2000 problem;  to
take remedial  actions  necessary to minimize the Year 2000 risk exposure to the
managing  general  partner and  significant  third parties with whom it has data
interchange;  and, to test its systems and processes once remedial  actions have
been taken. The managing general partner has contracted with IBM Global Services
to perform the assessment and remedial phases of its Year 2000 project.

                                       10

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As of September 30, 1999, the assessment phase of the managing general partner's
Year 2000  project is  complete  and has  included,  but was not limited to, the
following procedures:

o      the identification of necessary remediation,  upgrades and/or replacement
       of existing information technology applications and systems;

o      the  assessment  of   non-information   technology  exposures,   such  as
       telecommunications  systems,  security  systems,  elevators  and  process
       control equipment;

o      the  initiation  of inquiry and  dialogue  with  significant  third party
       business partners, customers and suppliers in an effort to understand and
       assess their Year 2000  problems,  readiness and potential  impact on the
       managing general partner and its Year 2000 problem;

o      the   implementation  of  processes   designed  to  reduce  the  risk  of
       reintroduction  of Year 2000 problems into the managing general partner's
       systems and business processes; and,

o      the formulation of  contingency  plans for  mission-critical  information
       technology systems.

The managing general partner distributed Year 2000 problem inquiries to over 500
entities and has received responses to approximately 52% of the inquiries.

The remedial phase of the managing general partner's Year 2000 project is in the
final stages of  completion  as it pertains to the  remediation  of  information
technology and non-information technology applications and systems in the United
States,  Canada and  Argentina.  As of September 30, 1999, the remedial phase of
the managing general partner's Year 2000 project was approximately 98% complete,
on a world wide basis,  subject to  continuing  evaluations  of the responses to
third party  inquiries and to the testing phase results.  The remedial phase has
included the upgrade  and/or  replacement  of certain  application  and hardware
systems.  The managing  general  partner has upgraded its Artesia general ledger
accounting  systems through remedial coding and has completed the testing of the
system for Year 2000 compliance.  The remediation of non-information  technology
was 97% complete as of September  30, 1999,  and was  completed in October 1999.
The managing general partner's Year 2000 remedial actions have not delayed other
information technology projects or upgrades.

The testing  phase of the  managing  general  partner's  Year 2000 project is on
schedule.  The managing general partner completed the testing of non-information
technology  remediation in October 1999.  The testing of information  technology
remediation is scheduled to be completed by the end of November 1999.

The managing  general  partner now expects  that its total costs  related to the
Year 2000 problem will approximate  $2.9 million.  As of September 30, 1999, the
managing  general  partner's  total costs incurred on the Year 2000 problem were
$2.5 million.

The risks  associated with the Year 2000 problem are  significant.  A failure to
remedy a critical  Year 2000 problem could have a materially  adverse  affect on
the Partnership's results of operations and financial condition. The most likely
worst case scenario  which may be encountered as a result of a Year 2000 problem
could  include information  and non-information system failures,  the receipt or

                                       11

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transmission of erroneous  data, lost data or a combination of similar  problems
of a magnitude that cannot be accurately assessed at this time.

In the  business  continuity  and  contingency  planning  phase of the  managing
general partner's Year 2000 project, contingency plans were designed to mitigate
the exposures to mission critical  information  technology systems,  such as oil
and gas sales receipts, vendor and royalty cash distributions,  debt compliance,
accounting,  and employee  compensation.  Such contingency  plans anticipate the
extensive utilization of third-party data processing services, personal computer
applications  and the  substitution  of courier  and mail  services  in place of
electronic data interchange.  Given the uncertainties regarding the scope of the
Year 2000 problem and the compliance of significant third parties,  there can be
no  assurance  that  contingency  plans  will  have  anticipated  all Year  2000
scenarios.


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

(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


                                       12

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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:  November 8, 1999          By:      /s/ Rich Dealy
                                           -----------------------------------
                                           Rich Dealy, Vice President and
                                             Chief Accounting Officer



                                       13

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