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, 2001

                          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 / /




<PAGE>



                           PARKER & PARSLEY 82-I, LTD.

                                TABLE OF CONTENTS


                                                                      Page

                          Part I. Financial Information

Item 1.     Financial Statements

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

            Statements of Operations for the three months
              ended March 31, 2001 and 2000..........................    4

            Statement of Partners' Capital for the three months
              ended March 31, 2001...................................    5

            Statements of Cash Flows for the three months
              ended March 31, 2001 and 2000..........................    6

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

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


                           Part II. Other Information

Item 6.     Exhibits and Reports on Form 8-K.........................    9

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


                                        2

<PAGE>



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

                          Part I. Financial Information

Item 1.      Financial Statements
<TABLE>

                                 BALANCE SHEETS

                                                     March 31,      December 31,
                                                       2001            2000
                                                    -----------     -----------
                                                    (Unaudited)
                 ASSETS
<S>                                                 <C>             <C>
Current assets:
   Cash                                             $    52,030     $    57,728
   Accounts receivable - oil and gas sales              103,207         109,719
                                                     ----------      ----------
         Total current assets                           155,237         167,447
                                                     ----------      ----------
Oil and gas properties - at cost, based on the
   successful efforts accounting method               9,901,101       9,901,101
Accumulated depletion                                (9,619,512)     (9,613,644)
                                                     ----------      ----------
         Net oil and gas properties                     281,589         287,457
                                                     ----------      ----------
                                                    $   436,826     $   454,904
                                                     ==========      ==========
LIABILITIES AND PARTNERS' CAPITAL

Current liabilities:
   Accounts payable - affiliate                     $    16,407     $    13,712

Partners' capital:
   General partners                                     157,022         161,365
   Limited partners (4,891 interests)                   263,397         279,827
                                                     ----------      ----------
                                                        420,419         441,192
                                                     ----------      ----------
                                                    $   436,826     $   454,904
                                                     ==========      ==========


  The financial information included as of March 31, 2001 has been prepared by
  the managing general partner without audit by independent public accountants.

   The accompanying notes are an integral part of these financial statements.
</TABLE>

                                        3

<PAGE>



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

                            STATEMENTS OF OPERATIONS
                                   (Unaudited)


<TABLE>

                                                   Three months ended
                                                        March 31,
                                                -------------------------
                                                   2001           2000
                                                ----------     ----------

<S>                                             <C>            <C>
Revenues:
  Oil and gas                                   $  216,836     $  172,087
  Interest                                           1,229            973
                                                 ---------      ---------
                                                   218,065        173,060
                                                 ---------      ---------
Costs and expenses:
  Oil and gas production                            97,986         85,023
  General and administrative                         8,176          5,363
  Depletion                                          5,868          9,057
                                                 ---------      ---------
                                                   112,030         99,443
                                                 ---------      ---------
Net income                                      $  106,035     $   73,617
                                                 =========      =========
Allocation of net income:
  General partners                              $   27,134     $   19,763
                                                 =========      =========
  Limited partners                              $   78,901     $   53,854
                                                 =========      =========
Net income per limited partnership interest     $    16.13     $    11.01
                                                 =========      =========




         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.
</TABLE>

                                        4

<PAGE>



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

                         STATEMENT OF PARTNERS' CAPITAL
                                   (Unaudited)



<TABLE>

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

<S>                                  <C>            <C>             <C>

Balance at January 1, 2001           $  161,365     $  279,827      $  441,192

    Distributions                       (31,477)       (95,331)       (126,808)

    Net income                           27,134         78,901         106,035
                                      ---------      ---------       ---------

Balance at March 31, 2001            $  157,022     $  263,397      $  420,419
                                      =========      =========       =========






         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.
</TABLE>

                                        5

<PAGE>



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

                            STATEMENTS OF CASH FLOWS
                                   (Unaudited)


<TABLE>

                                                         Three months ended
                                                              March 31,
                                                       -----------------------
                                                          2001          2000
                                                       ---------     ---------

<S>                                                    <C>           <C>
Cash flows from operating activities:
  Net income                                           $ 106,035     $  73,617
  Adjustments to reconcile net income to net
    cash provided by operating activities:
      Depletion                                            5,868         9,057
  Changes in assets and liabilities:
      Accounts receivable                                  6,512       (17,930)
      Accounts payable                                     2,695         1,812
                                                        --------      --------
          Net cash provided by operating activities      121,110        66,556
                                                        --------      --------
Cash flows used in investing activities:
  Additions to oil and gas properties                        -            (110)

Cash flows used in financing activities:
  Cash distributions to partners                        (126,808)      (61,903)
                                                        --------      --------
Net increase (decrease) in cash                           (5,698)        4,543
Cash at beginning of period                               57,728        61,558
                                                        --------      --------
Cash at end of period                                  $  52,030     $  66,101
                                                        ========      ========




         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.
</TABLE>

                                        6

<PAGE>



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

                          NOTES TO FINANCIAL STATEMENTS
                                 March 31, 2001
                                   (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 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 March 31, 2001 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, 2000 financial  statements to conform to the
March 31, 2001 financial statement presentations.

Certain  information  and footnote  disclosures  normally  included in financial
statements prepared in accordance with generally accepted accounting  principles
have been  condensed  or  omitted  in this Form 10-Q  pursuant  to the rules and
regulations of the Securities and Exchange Commission.  The financial statements
should  be read in  conjunction  with the  financial  statements  and the  notes
thereto  contained in the  Partnership's  Report on Form 10-K for the year ended
December 31, 2000, as filed with the Securities and Exchange Commission,  a copy
of which is available upon request by writing to Rich Dealy,  Vice President and
Chief Accounting Officer,  5205 North O'Connor  Boulevard,  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 26% to $216,836 for the three
months ended March 31, 2001 as compared to $172,087 for the same period in 2000.
The increase in revenues resulted from higher average prices received, offset by
a decrease in  production.  For the three  months  ended March 31,  2001,  4,462
barrels of oil,  856 barrels of natural gas liquids  ("NGLs") and  13,274 mcf of

                                        7

<PAGE>



gas were sold, or 7,530 barrel of oil equivalents ("BOEs"). For the three months
ended March 31, 2000, 4,433 barrels of oil, 1,810 barrels of NGLs and 12,235 mcf
of gas were sold, or 8,282 BOEs.

The average price received per barrel of oil increased  $.79, or 3%, from $27.23
for the three months ended March 31, 2000 to $28.02 for the same period in 2001.
The average  price  received per barrel of NGLs  increased  $7.01,  or 55%, from
$12.67 for the three  months  ended March 31, 2000 to $19.68 for the same period
in 2001.  The average price received per mcf of gas increased  143%,  from $2.33
for the three  months ended March 31, 2000 to $5.65 for the same period in 2001.
The market price for oil and gas has been extremely volatile in the past decade,
and  management  expects  a certain  amount of  volatility  to  continue  in the
foreseeable  future.  The  Partnership may therefore sell its future oil and gas
production at average prices lower or higher than that received during the three
months ended March 31, 2001.

Costs and Expenses:

Total costs and expenses  increased to $112,030 for the three months ended March
31, 2001 as  compared  to $99,443  for the same  period in 2000,  an increase of
$12,587,  or 13%.  This  increase was  primarily  due to increases in production
costs and general and  administrative  expenses ("G&A"),  offset by a decline in
depletion.

Production  costs were  $97,986  for the three  months  ended March 31, 2001 and
$85,023 for the same period in 2000 resulting in a $12,963 increase, or 15%. The
increase was primarily  due to additional  well  maintenance  costs  incurred to
stimulate well production and higher production taxes associated with higher oil
and gas prices.

G&A's  components are independent  accounting and engineering  fees and managing
general partner  personnel and  administrative  costs.  During this period,  G&A
increased  52% from $5,363 for the three  months  ended March 31, 2000 to $8,176
for the same period in 2001 primarily due to a higher percentage of the managing
general partner's G&A being allocated (limited to 3% of oil and gas revenues) as
a result of  increased  oil and gas  revenues and an increase in the accrual for
tax preparation fees.

Depletion  was $5,868 for the three  months  ended March 31, 2001 as compared to
$9,057 for the same period in 2000, a decrease of $3,189,  or 35%. This decrease
was  primarily  due to positive  revisions to proved  reserves  during the three
months ended March 31, 2001 as a result of higher commodity prices.

Liquidity and Capital Resources

Net Cash Provided by Operating Activities

Net cash provided by operating  activities  increased  $54,554  during the three
months  ended March 31, 2001 from the same period in 2000.  The increase was due
to an  increase  of $45,005 in oil and gas sales  receipts  and a  reduction  of
$25,325 in working  capital,  offset by increases in production costs of $12,963
and G&A expenses of $2,813.  The increase in oil and gas receipts  resulted from
the increase in commodity  prices  during 2001 which  contributed  an additional

                                        8

<PAGE>



$57,097 to oil and gas receipts, offset by $12,092 resulting from the decline in
production  during 2001 as compared to the same period in 2000.  The increase in
production costs was primarily due to additional well maintenance costs incurred
to stimulate well  production and increased  production  taxes  associated  with
higher oil and gas prices.  The  increase in G&A was  primarily  due to a higher
percentage of the managing general partner's G&A being allocated  (limited to 3%
of oil and gas  revenues) as a result of  increased  oil and gas revenues and an
increase in the accrual for tax preparation fees.

Net Cash Used in Financing Activities

For the three months ended March 31, 2001,  cash  distributions  to the partners
were  $126,808,  of which $31,477 was  distributed  to the general  partners and
$95,331 to the limited partners.  For the same period 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.

Proposal to acquire partnerships

On April  17,  2001,  Pioneer  Natural  Resources  Company  ("Pioneer")  filed a
preliminary  proxy   statement/prospectus   with  the  Securities  and  Exchange
Commission  proposing an agreement  and plan of merger  among  Pioneer,  Pioneer
Natural  Resources  USA, Inc.  ("Pioneer  USA"),  a wholly- owned  subsidiary of
Pioneer,  and the limited partners of 46 Parker & Parsley limited  partnerships.
Each  partnership  that  approves the agreement and plan of merger and the other
related  merger  proposals  will  merge  with  and  into  Pioneer  USA,  and the
partnership  interests of each such partnership will be converted into the right
to receive cash and Pioneer  common  stock.  Pioneer USA is the sole or managing
general partner of the  partnerships.  The Partnership is one of the 46 Parker &
Parsley limited  partnerships  being requested to approve the agreement and plan
of merger.  The  preliminary  proxy  statement/prospectus  is non-binding and is
subject to, among other  things,  consideration  of offers from third parties to
purchase any  partnership  or its assets,  the majority  approval of the limited
partnership  interests in each  partnership and the resolution of Securities and
Exchange  Commission  review  comments.  No  solicitation  will  be  made  using
preliminary materials.

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

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

                                            Part II. Other Information

Item 6.           Exhibits and Reports on Form 8-K

(a)     Exhibits - none

(b)     Reports on Form 8-K - none.


                                        9

<PAGE>


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


                                       10

<PAGE>