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 September 30, 1997

                                       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 82-1, 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 / /

                               Page 1 of 11 pages.
                            Exhibit index on page 10.


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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, 1997 and
             December 31, 1996   ....................................    3

          Statements of Operations for the three and nine
            months ended September 30, 1997 and 1996.................    4

          Statement of Partners' Capital for the nine months
            ended September 30, 1997.................................    5

          Statements of Cash Flows for the nine months ended
            September 30, 1997 and 1996..............................    6

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

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

                           Part II. Other Information

Item 6.   Exhibits and Reports on Form 8-K...........................   10

          27.   Financial Data Schedule

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



                                        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,
                                                      1997            1996
                                                  -------------   ------------
                                                   (Unaudited)
                 ASSETS

Current assets:
  Cash and cash equivalents, including interest
    bearing deposits of $93,957 at September 30
    and $94,031 at December 31                    $     94,457    $     94,531
  Accounts receivable - oil and gas sales               51,338         106,548
                                                   -----------     -----------
         Total current assets                          145,795         201,079
                                                   -----------     -----------
Oil and gas properties - at cost, based on the
  successful efforts accounting method              10,329,242      10,327,153
Accumulated depletion                               (9,121,836)     (9,001,467)
                                                   -----------     -----------
         Net oil and gas properties                  1,207,406       1,325,686
                                                   -----------     -----------
                                                  $  1,353,201    $  1,526,765
                                                   ===========     ===========
LIABILITIES AND PARTNERS' CAPITAL

Current liabilities:
  Accounts payable - affiliate                    $     19,743    $     16,749
Partners' capital:
  General partners                                     239,042         264,514
  Limited partners (4,891 interests)                 1,094,416       1,245,502
                                                   -----------     -----------
                                                     1,333,458       1,510,016
                                                   -----------     -----------
                                                  $  1,353,201    $  1,526,765
                                                   ===========     ===========

The financial information included as of September 30, 1997 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,
                                  ---------------------   ---------------------
                                    1997        1996        1997        1996
                                  ---------   ---------   ---------   ---------
Revenues:
   Oil and gas                    $ 124,449   $ 149,723   $ 441,021   $ 501,581
   Interest                           1,494       1,494       4,499       3,816
   Litigation settlement                -           -           -        43,618
   Gain on disposition of assets        -           -         3,870         -
                                   --------    --------    --------    --------
                                    125,943     151,217     449,390     549,015
                                   --------    --------    --------    --------
Costs and expenses:
   Oil and gas production            82,991      68,402     244,325     229,874
   General and administrative         4,605       7,114      15,724      18,368
   Depletion                         40,136      22,225     120,369      77,010
   Abandoned property                   -           -           -         2,236
                                   --------    --------    --------    --------
                                    127,732      97,741     380,418     327,488
                                   --------    --------    --------    --------
Net income (loss)                 $  (1,789)  $  53,476   $  68,972   $ 221,527
                                   ========    ========    ========    ========
Allocation of net income (loss):
   General partners               $   5,573   $  16,703   $  34,718   $  65,949
                                   ========    ========    ========    ========
   Limited partners               $  (7,362)  $  36,773   $  34,254   $ 155,578
                                   ========    ========    ========    ========
Net income (loss) per limited
   partnership interest           $   (1.51)  $    7.52   $    7.00   $   31.81
                                   ========    ========    ========    ========
Distributions per limited
   partnership interest           $    9.69   $   12.59   $   37.89   $   38.37
                                   ========    ========    ========    ========

         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, 1997            $  264,514    $ 1,245,502    $ 1,510,016

    Distributions                        (60,190)      (185,340)      (245,530)

    Net income                            34,718         34,254         68,972
                                       ---------     ----------     ----------
Balance at September 30, 1997         $  239,042    $ 1,094,416    $ 1,333,458
                                       =========     ==========     ==========




         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,
                                                        ----------------------
                                                           1997        1996
                                                        ----------   ---------
Cash flows from operating activities:
   Net income                                           $   68,972   $ 221,527
   Adjustments to reconcile net income to net
      cash provided by operating activities:
        Depletion                                          120,369      77,010
        Gain on disposition of assets                       (3,870)        -
   Changes in assets and liabilities:
        (Increase) decrease in accounts receivable          55,210      (5,466)
        Increase (decrease) in accounts payable              2,994     (20,482)
                                                         ---------    --------
           Net cash provided by operating activities       243,675     272,589
                                                         ---------    --------
Cash flows from investing activities:
   Additions to oil and gas properties                      (2,089)        -  
   Proceeds from disposition of assets                       3,870         482
                                                         ---------    --------
           Net cash provided by investing activities         1,781         482
                                                         ---------    --------
Cash flows from financing activities:
   Cash distributions to partners                         (245,530)   (252,548)
                                                         ---------    --------
Net increase (decrease) in cash and cash equivalents           (74)     20,523
Cash and cash equivalents at beginning of period            94,531      83,890
                                                         ---------    --------
Cash and cash equivalents at end of period              $   94,457   $ 104,413
                                                         =========    ========


         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, 1997
                                   (Unaudited)

Note 1.     Basis of presentation

In the opinion of  management,  the unaudited  financial  statements of Parker &
Parsley  82-I,  Ltd.  (the  "Partnership")  as of September 30, 1997 and for the
three and nine months ended  September 30, 1997 and 1996 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, 1996, as filed with the Securities and Exchange Commission,  a copy
of which is available upon request by writing to Rich Dealy,  Vice President and
Controller, 303 West Wall, Suite 101, Midland, Texas 79701.

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

As of August 8, 1997, Pioneer Natural Resources USA, Inc. ("Pioneer USA") became
the managing  general partner of the  Partnership,  joining the existing general
partner,  P&P Employees 82-I, Ltd. ("EMPL"),  a Texas limited  partnership whose
general partner is Pioneer USA, and 4,891 limited  partners as of March 8, 1997.
Prior to August 8, 1997,  the  Partnership's  managing  general  partner and the
general  partner  of EMPL was Parker & Parsley  Development  L.P.  ("PPDLP"),  a
wholly-owned  subsidiary  of  Parker &  Parsley  Petroleum  Company  ("Parker  &
Parsley").  On  August  7,  1997,  Parker  &  Parsley  and  Mesa  Inc.  received
shareholder  approval  to merge and create  Pioneer  Natural  Resources  Company
("Pioneer").  On August 8, 1997,  PPDLP was merged with and into  Pioneer USA, a
wholly-owned  subsidiary  of  Pioneer,  resulting  in Pioneer USA  becoming  the
managing  general  partner of the Partnership and the general partner of EMPL as
PPDLP's  successor by merger.  For a more complete  description  of the Parker &
Parsley and Mesa Inc. merger, see Pioneer's  Registration  Statement on Form S-4
as filed with the Securities and Exchange Commission.

Results of Operations

Nine months ended September 30, 1997 compared with nine months ended
 September 30, 1996

Revenues:

The Partnership's  oil and gas revenues  decreased 12% to $441,021 from $501,581
for the nine  months  ended  September  30,  1997 as compared to the nine months

                                        7

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ended  September  30, 1996.  The decrease in revenues  resulted from declines in
barrels  of oil and mcf of gas  produced  and  sold  and a lower  average  price
received per barrel of oil, offset by a higher average price received per mcf of
gas. For the nine months ended  September 30, 1997,  15,270  barrels of oil were
sold  compared  to 16,758  for the same  period  in 1996,  a  decrease  of 1,488
barrels,  or 9%. For the nine months ended September 30, 1997, 57,480 mcf of gas
were sold  compared to 66,916 for the same  period in 1996,  a decrease of 9,436
mcf, or 14%. The  decreases in  production  volumes  were  primarily  due to the
decline characteristics of the Partnership's oil and gas properties.  Because of
these  characteristics,  management  expects a  certain  amount  of  decline  in
production  to  continue  in the  future  until the  Partnership's  economically
recoverable reserves are fully depleted.

The average price received per barrel of oil decreased $1.07, or 5%, from $21.06
for the nine months  ended  September  30, 1996 to $19.99 for the same period in
1997,  while the average  price  received per mcf of gas increased 6% from $2.22
during the nine months ended  September 30, 1996 to $2.36 for the same period in
1997. 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, 1997.

On April 29, 1996, Southmark  Corporation,  the managing general partner and the
Partnership entered into a final $7.4 million settlement  agreement with Jack N.
Price resolving all outstanding litigation between the parties. As a result, all
of the pending lawsuits and judgments have been dismissed,  the supersedeas bond
released,  and the Reserve  released as  collateral.  On June 28,  1996, a final
distribution was made to the working interest owners of $43,618,  which included
$34,033, or $6.96 per limited partnership  interest,  to the Partnership and its
partners.

Gain on  disposition  of assets  resulted  from  salvage  income from  equipment
disposals of $3,870  received  during the nine months ended  September  30, 1997
from equipment credits received on two fully depleted wells.

Costs and Expenses:

Total  costs and  expenses  increased  to  $380,418  for the nine  months  ended
September  30,  1997 as compared  to  $327,488  for the same period in 1996,  an
increase of $52,930, or 16%. This increase was due to increases in depletion and
production  costs,  offset by decreases in general and  administrative  expenses
("G&A") and abandoned property costs.

Production  costs were $244,325 for the nine months ended September 30, 1997 and
$229,874  for the same period in 1996  resulting in a $14,451  increase,  or 6%,
primarily  attributable to an increase in well maintenance  costs incurred in an
effort 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
decreased,  in aggregate,  14% from $18,368 for the nine months ended  September
30, 1996 to $15,724 for the same period in 1997.

Depletion was $120,369 for the nine months ended  September 30, 1997 compared to
$77,010 for the same  period in 1996,  representing  an increase of $43,359,  or
56%. This  increase was the result of a decline in oil reserves  during 1997 due
to lower commodity prices.

                                        8

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Abandoned  property  costs for the nine  months  ended  September  30, 1996 were
$2,236 to plug and abandon one uneconomical oil and gas well.

Three months ended September 30, 1997 compared with three months ended
 September 30, 1996

Revenues:

The Partnership's  oil and gas revenues  decreased 17% to $124,449 from $149,723
for the three  months ended  September  30, 1997 as compared to the three months
ended  September  30, 1996.  The decrease  resulted  from lower  average  prices
received per barrel of oil and mcf of gas and declines in barrels of oil and mcf
of gas produced and sold. For the three months ended  September 30, 1997,  4,910
barrels  of oil were  sold  compared  to 5,135 for the same  period  in 1996,  a
decrease of 225 barrels,  or 4%. For the three months ended  September 30, 1997,
17,052 mcf of gas were sold  compared to 18,715 for the same  period in 1996,  a
decrease of 1,663 mcf, or 9%. The decreases in production volumes were primarily
due to the decline characteristics of the Partnership's oil and gas properties.

The average  price  received per barrel of oil  decreased  $3.44,  or 16%,  from
$21.95 for the three  months  ended  September  30, 1996 to $18.51 for the three
months ended  September 30, 1997 while the average price received per mcf of gas
decreased  slightly from $1.98 during the three months ended  September 30, 1996
to $1.97 for the same period in 1997.

Costs and Expenses:

Total costs and  expenses  increased  to  $127,732  for the three  months  ended
September  30,  1997 as  compared  to $97,741  for the same  period in 1996,  an
increase of $29,991 or 31%.  This increase was due to increases in depletion and
production costs, offset by a decrease in G&A.

Production  costs were $82,991 for the three months ended September 30, 1997 and
$68,402 for the same period in 1996 resulting in a $14,589 increase, or 21%. The
increase was primarily due to additional 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
decreased,  in aggregate,  35% from $7,114 for the three months ended  September
30, 1996 to $4,605 for the same period in 1997.

Depletion was $40,136 for the three months ended  September 30, 1997 compared to
$22,225 for the same  period in 1996,  representing  an increase of $17,911,  or
81%, as the result of a decline in oil reserves during the third quarter of 1997
due to lower commodity prices.

Liquidity and Capital Resources

Net Cash Provided by Operating Activities

Net cash  provided by operating  activities  decreased  $28,914  during the nine
months ended  September 30, 1997 from the same period ended  September 30, 1996.
This decrease was  primarily due to the receipt of proceeds from the  litigation
settlement  received  in 1996 as  discussed  in Item 2,  offset by a decline  in
production costs paid and an increase in oil and gas sales receipts.

                                        9

<PAGE>




Net Cash Provided by Investing Activities

The Partnership's  principal  investing  activities during the nine months ended
September 30, 1997 and 1996 were related to the disposal or  replacement  of oil
and gas equipment on various oil and gas properties.

Proceeds of $3,870 were received during the nine months ended September 30, 1997
from the disposal of oil and gas equipment on active properties.

Net Cash Used in Financing Activities

Cash was  sufficient  for the nine  months  ended  September  30,  1997 to cover
distributions  to the partners of $245,530 of which $60,190 was  distributed  to
the general partners and $185,340 to the limited  partners.  For the same period
ended September 30, 1996, cash was sufficient for  distributions to the partners
of  $252,548 of which  $64,897  was  distributed  to the  general  partners  and
$187,651 to the limited partners. Cash distributions to the partners of $252,548
for the nine months  ended  September  30, 1996  included  $9,585 to the general
partners and $34,033 to the limited  partners,  resulting from proceeds received
in the litigation settlement as discussed in Item 2.

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.

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

(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.  Financial Data Schedule

(b)   Reports on Form 8-K - none

                                       10

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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 6, 1997      By:       /s/ Rich Dealy
                                        -------------------------------------
                                        Rich Dealy, Vice President and
                                          Controller



                                       11

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