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


                                    FORM 10-Q


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

                  For the quarterly period ended June 30, 1998

                                       or

       /   /    Transition Report Pursuant to Section 13 or 15(d)
                     of the Securities Exchange Act of 1934
                For the transition period from _______ to _______


                          Commission File No. 2-75530A


                           PARKER & PARSLEY 82-I, 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 June 30, 1998 and
              December 31, 1997........................................    3

           Statements of Operations for the three and six
             months ended June 30, 1998 and 1997.......................    4

           Statement of Partners' Capital for the six months
             ended June 30, 1998.......................................    5

           Statements of Cash Flows for the six months
             months ended June 30, 1998 and 1997.......................    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

           27.1  Financial Data Schedule

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


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

                          Part I. Financial Information

Item 1.   Financial Statements

                                 BALANCE SHEETS
                                                      June 30,     December 31,
                                                        1998           1997
                                                    -----------    -----------
                                                    (Unaudited)
                       ASSETS

Current assets:
  Cash and cash equivalents, including interest
     bearing deposits of $57,886 at June 30
     and $82,785 at December 31                     $    58,386    $    83,286
  Accounts receivable:
     Oil and gas sales                                   39,990         63,698
     Other                                                  -           14,198
                                                     ----------     ----------
          Total current assets                           98,376        161,182
                                                     ----------     ----------
Oil and gas properties - at cost, based on the
  successful efforts accounting method                9,883,400      9,878,650
Accumulated depletion                                (8,937,333)    (8,881,697)
                                                     ----------     ----------
          Net oil and gas properties                    946,067        996,953
                                                     ----------     ----------
                                                    $ 1,044,443    $ 1,158,135
                                                     ==========     ==========
LIABILITIES AND PARTNERS' CAPITAL

Current liabilities:
  Accounts payable - affiliate                      $    13,115    $    15,475

Partners' capital:
  General partners                                      204,667        221,119
  Limited partners (4,891 interests)                    826,661        921,541
                                                     ----------     ----------
                                                      1,031,328      1,142,660
                                                     ----------     ----------
                                                    $ 1,044,443    $ 1,158,135
                                                     ==========     ==========

   The financial information included as of June 30, 1998 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       Six months ended
                                         June 30,                June 30,
                                  ---------------------   ---------------------
                                     1998        1997        1998        1997
                                  ---------   ---------   ---------   ---------
Revenues:
  Oil and gas                     $  86,663   $ 138,574   $ 205,570   $ 316,572
  Interest                            1,202       1,593       2,519      3,005
  Gain on disposition of assets         199       1,278         199       3,870
                                   --------    --------    --------    --------
                                     88,064     141,445     208,288     323,447
                                   --------    --------    --------    --------
Costs and expenses:
  Oil and gas production            100,496      84,880     175,267     161,334
  General and administrative          2,240       5,324       6,722      11,119
  Depletion                          29,095      37,752      55,636      80,233
                                   --------    --------    --------    --------
                                    131,831     127,956     237,625     252,686
                                   --------    --------    --------    --------
Net income (loss)                 $ (43,767)  $  13,489   $ (29,337)  $  70,761
                                   ========    ========    ========    ========
Allocation of net income (loss):
 General partners                 $  (6,611)  $   8,811   $     981   $  29,145
                                   ========    ========    ========    ========
 Limited partners                 $ (37,156)  $   4,678   $ (30,318)  $  41,616
                                   ========    ========    ========    ========
Net income (loss) per limited
 partnership interest             $   (7.60)  $     .96   $   (6.20)  $    8.51
                                   ========    ========    ========    ========
Distributions per limited
 partnership interest             $    3.38   $   11.64   $   13.20   $   28.20
                                   ========    ========    ========    ========

         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, 1998            $  221,119     $  921,541     $1,142,660

    Distributions                        (17,433)       (64,562)       (81,995)

    Net income (loss)                        981        (30,318)       (29,337)
                                       ---------      ---------      ---------

Balance at June 30, 1998              $  204,667     $  826,661     $1,031,328
                                       =========      =========      =========



         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)


                                                            Six months ended
                                                                June 30,
                                                        -----------------------
                                                           1998          1997
                                                        ---------     ---------
Cash flows from operating activities:
  Net income (loss)                                     $ (29,337)    $  70,761
  Adjustments to reconcile net income (loss) to
     net cash provided by operating activities:
        Depletion                                          55,636        80,233
        Gain on disposition of assets                        (199)       (3,870)
  Changes in assets and liabilities:
     Accounts receivable                                   23,708        43,019
     Accounts payable                                      (2,360)        4,302
                                                         --------      --------
           Net cash provided by operating activities       47,448       194,445
                                                         --------      --------
Cash flows from investing activities:
  Additions to oil and gas properties                      (4,750)         (127)
  Proceeds from asset dispositions                         14,397         3,870
                                                         --------      --------
           Net cash provided by investing activities        9,647         3,743
                                                         --------      --------
Cash flows from financing activities:
  Cash distributions to partners                          (81,995)     (183,138)
                                                         --------      --------
Net increase (decrease) in cash and cash equivalents      (24,900)       15,050
Cash and cash equivalents at beginning of period           83,286        94,531
                                                         --------      --------
Cash and cash equivalents at end of period              $  58,386     $ 109,581
                                                         ========      ========

         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
                                  June 30, 1998
                                   (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 June 30, 1998 and for the three and six months ended June 30,
1998 and 1997 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, 1997, 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

Six months ended June 30, 1998 compared with six months ended
  June 30, 1997

Revenues:

The Partnership's  oil and gas revenues  decreased 35% to $205,570 from $316,572
for the six months ended June 30, 1998 and 1997,  respectively.  The decrease in
revenues   resulted  from  lower  average  prices  received  and  a  decline  in
production.  For the six months ended June 30, 1998, 9,753 barrels of oil, 2,988
barrels of natural  gas  liquids  ("NGLs")  and 23,991 mcf of gas were sold,  or

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16,740 barrel of oil  equivalents  ("BOEs").  For the six months  ended June 30,
1997, 10,361 barrels of oil and 40,428 mcf of gas were sold, or 17,099 BOEs.

As of September 30, 1997, the Partnership began accounting for processed natural
gas   production  as  processed   natural  gas  liquids  and  dry  residue  gas.
Consequently,  separate  product volumes will not be comparable to periods prior
to September 30, 1997.  Also,  prices for gas products will not be comparable as
the price per mcf for  natural  gas for the three and six months  ended June 30,
1998 is the price received for dry residue gas and the price per mcf for natural
gas for the  three and six  months  ended  June 30,  1997 is a price for wet gas
(i.e., natural gas liquids combined with dry residue gas).

The average  price  received per barrel of oil  decreased  $6.50,  or 31%,  from
$20.70 for the six months  ended June 30,  1997 to $14.20 for the same period in
1998.  The average price received per barrel of NGLs during the six months ended
June 30, 1998 was $8.43. The average price received per mcf of gas decreased 31%
from  $2.53  during the six months  ended  June 30,  1997 to $1.74 in 1998.  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, 1998.

During  most of 1997,  the  Partnership  benefitted  from  higher  oil prices as
compared to previous  years.  However,  during the fourth  quarter of 1997,  oil
prices began a downward  trend that has  continued  into 1998. On July 29, 1998,
the market  price for West Texas  intermediate  crude was $11.58 per  barrel.  A
continuation of the oil price environment  experienced  during the first half of
1998 will have an adverse  effect on the  Partnership's  revenues and  operating
cash flow and could result in additional  decreases in the carrying value of the
Partnership's oil and gas properties.

A gain on disposition of assets of $199 was received during the six months ended
June 30, 1998 from post closing adjustments  received from the sale of eight oil
and gas wells  during  1997.  A gain on  disposition  of  assets  of $3,870  was
received  during  the six  months  ended June 30,  1997 from  equipment  credits
received on two fully depleted wells.

Costs and Expenses:

Total costs and expenses decreased to $237,625 for the six months ended June 30,
1998 as compared to $252,686 for the same period in 1997, a decrease of $15,061,
or  6%.  This  decrease  was  due to  declines  in  depletion  and  general  and
administrative expenses ("G&A"), offset by an increase in production costs.

Production  costs  were  $175,267  for the six months  ended  June 30,  1998 and
$161,334  for the same period in 1997  resulting in a $13,933  increase,  or 9%.
This increase was due to additional well maintenance costs incurred in an effort
to stimulate  well  production,  offset by declines in  production  taxes and ad
valorem taxes, in addition to the sale of eight oil and gas wells during 1997.

                                        8

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G&A's  components are independent  accounting and engineering  fees and managing
general  partner  personnel  and  operating  costs.   During  this  period,  G&A
decreased, in aggregate, 40% from $11,119 for the six months ended June 30, 1997
to $6,722 for the same period in 1998.

Depletion was $55,636 for the six months ended June 30, 1998 compared to $80,233
for the same  period in 1997.  This  represented  a  decrease  in  depletion  of
$24,597, or 31%. This decrease was primarily  attributable to 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 1997 and a reduction in oil production
of 608 barrels for the period ended June 30, 1998 compared to the same period in
1997,  offset by a decrease in oil reserves during the six months ended June 30,
1998 as a result of lower commodity prices.

Three months ended June 30, 1998 compared with three months ended
  June 30, 1997

Revenues:

The  Partnership's  oil and gas revenues  decreased 37% to $86,663 from $138,574
for the three months ended June 30, 1998 and 1997, respectively. The decrease in
revenues   resulted  from  lower  average  prices  received  and  a  decline  in
production.  For the three months ended June 30, 1998, 4,429 barrels of oil, 957
barrels of NGLs and 8,265 mcf of gas were  sold,  or 6,764  BOEs.  For the three
months  ended  June 30,  1997,  4,875  barrels of oil and 19,714 mcf of gas were
sold, or 8,161 BOEs.

The average  price  received per barrel of oil  decreased  $5.65,  or 30%,  from
$19.04 for the three  months  ended June 30, 1997 to $13.39 for the three months
ended June 30, 1998.  The average  price  received per barrel of NGLs during the
three months ended June 30, 1998 was $8.51.  The average price  received per mcf
of gas was $2.32 for the three months ended June 30, 1997 and 1998.

A gain on  disposition  of assets of $199 was  received  during the three months
ended June 30,  1998 from post  closing  adjustments  received  from the sale of
eight oil and gas wells during 1997. Salvage income from equipment  disposals of
$1,278 was received  during the three months ended June 30, 1997 from  equipment
credits received on two fully depleted wells.

Costs and Expenses:

Total costs and  expenses  increased to $131,831 for the three months ended June
30, 1998 as compared to $127,956 for the three  months  ended June 30, 1997,  an
increase of $3,875,  or 3%. This  increase was due to an increase in  production
costs, offset by decreases in depletion and G&A.

Production  costs were  $100,496  for the three  months  ended June 30, 1998 and
$84,880 for the same period in 1997  resulting  in a $15,616  increase,  or 18%.
This increase was primarily due to additional well maintenance costs incurred in

                                        9

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an effort  to  stimulate  well  production  and ad  valorem  taxes,  offset by a
decrease  in  production  taxes and the sale of eight  oil and gas wells  during
1997.

G&A's  components are independent  accounting and engineering  fees and managing
general  partner  personnel  and  operating  costs.   During  this  period,  G&A
decreased,  in  aggregate,  58% from $5,324 for the three  months ended June 30,
1997 to $2,240 for the same period in 1998.

Depletion  was $29,095  for the three  months  ended June 30,  1998  compared to
$37,752 for the same period in 1997. This represented a decrease in depletion of
$8,657,  or 23%. This decrease was primarily  attributable to a reduction in the
Partnership's  net depletable  basis from charges taken in accordance  with SFAS
121 during the fourth  quarter of 1997 and a reduction in oil  production of 446
barrels for the three months ended June 30, 1998  compared to the same period in
1997,  offset by a decrease in oil  reserves  during the three months ended June
30, 1998 as a result of lower commodity prices.

Liquidity and Capital Resources

Net Cash Provided by Operating Activities

Net cash  provided by operating  activities  decreased  $146,997  during the six
months  ended  June 30,  1998 from the same  period  ended June 30,  1997.  This
decrease  was due to a decline in oil and gas sales  receipts and an increase in
production costs paid, offset by a decrease in G&A expenses.

Net Cash Provided by Investing Activities

The  Partnership's  principle  investing  activities during the six months ended
June 30, 1998 and 1997 were related to the additions of oil and gas equipment on
active properties.

Proceeds from asset  dispositions of $14,397 were received during the six months
ended June 30,  1998 from the sale of  properties  during  1997.  During the six
months ended June 30, 1997,  proceeds of $3,870 were  received from the disposal
of oil and gas equipment on two fully depleted wells.

Net Cash Used in Financing Activities

Cash  was   sufficient  for  the  six  months  ended  June  30,  1998  to  cover
distributions to the partners of $81,995 of which $17,433 was distributed to the
general partners and $64,562 to the limited partners.  For the same period ended
June 30, 1997, cash was sufficient for distributions to the partners of $183,138
of which  $45,204 was  distributed  to the general  partners and $137,934 to the
limited partners.

It is expected  that future net cash  provided by operating  activities  will be
sufficient for any capital expenditures and any distributions. As the production
from the properties declines, distributions are also expected to decrease.

                                       10

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Information systems for the year 2000

The managing general partner will be required to modify its information  systems
in order to  accurately  process  Partnership  data  referencing  the year 2000.
Because of the importance of occurrence  dates in the oil and gas industry,  the
consequences of not pursuing these  modifications  could be very  significant to
the Partnership's ability to manage and report operating activities.  Currently,
the managing general partner plans to contract with third parties to perform the
software  programming  changes  necessary to correct any existing  deficiencies.
Such  programming  changes are  anticipated  to be completed  and tested by June
1999. The managing  general  partner will allocate a portion of the costs of the
year 2000  programming charges to the Partnership when they are incurred,  along
with recurring  general and administrative expenses.  Although the costs are not
estimable  at this time,  they should not be  significant  to the Partnership.

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

(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


                                       11

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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:  August 3, 1998                By:      /s/ Rich Dealy
                                             --------------------------------
                                             Rich Dealy, Vice President and
                                             Chief Accounting Officer




                                       12

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