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 March 31, 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. 2-81398B


                          PARKER & PARSLEY 83-B, LTD.
             (Exact name of Registrant as specified in its charter)

                Texas                                     75-1907245
   (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 10 pages.

                             -There are no exhibits-



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                           PARKER & PARSLEY 83-B, LTD.

                                TABLE OF CONTENTS


                                                                         Page
                          Part I. Financial Information

Item 1.  Financial Statements

         Balance Sheets as of March 31, 1997 and
           December 31, 1996...........................................    3

         Statements of Operations for the three months
           ended March 31, 1997 and 1996...............................    4

         Statement of Partners' Capital for the three months
           ended March 31, 1997........................................    5

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

         27.    Financial Data Schedule

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


                                        2

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                           PARKER & PARSLEY 83-B, LTD.
                          (A Texas Limited Partnership)

                          Part I. Financial Information

Item 1.   Financial Statements

                                 BALANCE SHEETS
                                                     March 31,    December 31,
                                                       1997           1996
                                                   ------------   ------------
                                                   (Unaudited)
                ASSETS

Current assets:
 Cash and cash equivalents, including interest
   bearing deposits of $298,806 at March 31
   and $228,437 at December 31                     $    299,306   $    228,937
 Accounts receivable - oil and gas sales                240,313        349,015
                                                    -----------    -----------
          Total current assets                          539,619        577,952
                                                    -----------    -----------
Oil and gas properties - at cost, based on the
 successful efforts accounting method                19,520,111     19,519,571
Accumulated depletion                               (14,655,064)   (14,559,884)
                                                    -----------    -----------
          Net oil and gas properties                  4,865,047      4,959,687
                                                    -----------    -----------
                                                   $  5,404,666   $  5,537,639
                                                    ===========    ===========

    LIABILITIES AND PARTNERS' CAPITAL

Current liabilities:
 Accounts payable - affiliate                      $     55,292   $     48,087

Partners' capital:
 General partners                                       607,635        629,059
 Limited partners (23,370 interests)                  4,741,739      4,860,493
                                                    -----------    -----------
                                                      5,349,374      5,489,552
                                                    -----------    -----------
                                                   $  5,404,666   $  5,537,639
                                                    ===========    ===========

  The financial information included as of March 31, 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 83-B, LTD.
                          (A Texas Limited Partnership)

                            STATEMENTS OF OPERATIONS
                                   (Unaudited)

                                                      Three months ended
                                                           March 31,
                                                 ---------------------------
                                                    1997             1996
                                                 ----------       ----------
Revenues:
   Oil and gas                                   $  570,063       $  520,877
   Interest                                           3,895            2,890
   Salvage income from equipment disposals              -             16,461
                                                  ---------        ---------
                                                    573,958          540,228
                                                  ---------        ---------
Costs and expenses:
   Oil and gas production                           275,580          263,298
   General and administrative                        18,886           15,876
   Depletion                                         95,180          103,306
                                                  ---------        ---------
                                                    389,646          382,480
                                                  ---------        ---------
Net income                                       $  184,312       $  157,748
                                                  =========        =========
Allocation of net income:
   General partners                              $   60,801       $   52,526
                                                  =========        =========
   Limited partners                              $  123,511       $  105,222
                                                  =========        =========
Net income per limited partnership interest      $     5.29       $     4.50
                                                  =========        =========
Distributions per limited partnership interest   $    10.37       $     7.00
                                                  =========        =========


         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 83-B, LTD.
                          (A Texas Limited Partnership)

                         STATEMENT OF PARTNERS' CAPITAL
                                   (Unaudited)





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

Balance at January 1, 1997         $  629,059    $4,860,493    $5,489,552

   Distributions                      (82,225)     (242,265)     (324,490)

   Net income                          60,801       123,511       184,312
                                    ---------     ---------     ---------

Balance at March 31, 1997          $  607,635    $4,741,739    $5,349,374
                                    =========     =========     =========






         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 83-B, LTD.
                          (A Texas Limited Partnership)

                            STATEMENTS OF CASH FLOWS
                                   (Unaudited)

                                                      Three months ended
                                                           March 31,
                                                   -------------------------
                                                      1997           1996
                                                   ----------     ----------
Cash flows from operating activities:
 Net income                                        $  184,312     $  157,748
 Adjustments to reconcile net income to net
   cash provided by operating activities:
     Depletion                                         95,180        103,306
     Salvage income from equipment disposals              -          (16,461)
Changes in assets and liabilities:
 (Increase) decrease in accounts receivable           108,702        (29,196)
 Increase (decrease) in accounts payable                7,205        (54,300)
                                                    ---------      ---------
       Net cash provided by operating activities      395,399        161,097
                                                    ---------      ---------
Cash flows from investing activities:
 (Additions to) disposals of oil and gas
   properties                                            (540)         2,327
 Proceeds from salvage income on equipment
   disposals                                              -           30,488
                                                    ---------      ---------
       Net cash provided by (used in) investing
         activities                                      (540)        32,815
                                                    ---------      ---------
Cash flows from financing activities:
 Cash distributions to partners                      (324,490)      (219,393)
                                                    ---------      ---------
Net increase (decrease) in cash and cash
  equivalents                                          70,369        (25,481)
Cash and cash equivalents at beginning of period      228,937        244,107
                                                    ---------      ---------
Cash and cash equivalents at end of period         $  299,306     $  218,626
                                                    =========      =========

         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 83-B, LTD.
                          (A Texas Limited Partnership)

                          NOTES TO FINANCIAL STATEMENTS
                                 March 31, 1997
                                   (Unaudited)

Note 1.     Organization and nature of organization

Parker &  Parsley  83-B,  Ltd.  (the  "Partnership")  is a  limited  partnership
organized in 1983 under the laws of the State of Texas.

The Partnership  engages  primarily 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 as of March 31,
1997 of the Partnership  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.  However,  these interim results are not
necessarily indicative of results for a full year.

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
Steven L. Beal, Senior Vice President,  303 West Wall, Suite 101, Midland, Texas
79701.

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 to $570,063 from $520,877 for
the three months ended March 31, 1997 and 1996, respectively, an increase of 9%.
The increase in revenues  resulted from increases in the average prices received
per  barrel of oil and mcf of gas,  offset by an 8%  decrease  in barrels of oil
produced and sold and an 11%  decrease in mcf of gas produced and sold.  For the
three months ended March 31, 1997,  17,792  barrels of oil were sold compared to
19,345 for the same period in 1996, a decrease of 1,553  barrels.  For the three
months ended March 31, 1997,  60,584 mcf of gas were sold compared to 68,398 for
the same period in 1996,  a decrease of 7,814 mcf. 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.

                                        7

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The average  price  received per barrel of oil  increased  $2.82,  or 15%,  from
$19.14 for the three  months  ended March 31, 1996 to $21.96 for the same period
in 1997 while the average price received per mcf of gas increased 35% from $2.20
for the three  months ended March 31, 1996 to $2.96 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 three
months ended March 31, 1997.

Salvage  income of $16,461 for the three months ended March 31, 1996 was derived
from  equipment  credits  received on three wells plugged and abandoned in prior
years.

Costs and Expenses:

Total costs and expenses  increased to $389,646 for the three months ended March
31, 1997 as compared  to  $382,480  for the same period in 1996,  an increase of
$7,166.  This increase was due to increases in production  costs and general and
administrative expenses ("G&A"), offset by a decrease in depletion.

Production  costs were  $275,580  for the three  months ended March 31, 1997 and
$263,298 for the same period in 1996 resulting in a $12,282 increase, or 5%. The
increase  was due to an increase in workover  expenses  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
increased,  in aggregate,  19% from $15,876 for the three months ended March 31,
1996 to $18,886 for the same period in 1997.

Depletion  was $95,180  for the three  months  ended March 31, 1997  compared to
$103,306 for the same period in 1996.  This  represented a decrease in depletion
of $8,126, or 8%.

Liquidity and Capital Resources

Net Cash Provided by Operating Activities:

Net cash provided by operating  activities  increased  $234,302 during the three
months ended March 31, 1997 from the same period in 1996.  This increase was due
to an increase in oil and gas sales receipts and a decrease in expenditures  for
production costs.

Net Cash Provided by (Used in) Investing Activities:

The Partnership's investing activities for the three months ended March 31, 1997
and 1996 were  related to the  addition or disposal of oil and gas  equipment on
active properties.

Proceeds of $30,488 were  received  during the three months ended March 31, 1996
from the disposal of oil and gas  equipment on three wells plugged and abandoned
in prior years.

                                        8

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Net Cash Used in Financing Activities:

For the three months ended March 31, 1997, cash was sufficient for distributions
to the  partners of $324,490 of which  $242,265 was  distributed  to the limited
partners  and $82,225 to the general  partners.  For the same period ended March
31, 1996, cash was sufficient for  distributions  to the partners of $219,393 of
which  $163,590  was  distributed  to the  limited  partners  and $55,803 to the
general 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.

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

(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


                                        9

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                           PARKER & PARSLEY 83-B, 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 83-B, LTD.

                                By:  Parker & Parsley Development L.P.,
                                     Managing General Partner

                                     By:  Parker & Parsley Petroleum USA, Inc.
                                          ("PPUSA"), General Partner



Dated:  May 7, 1997             By:    /s/ Steven L. Beal
                                    -------------------------------------
                                     Steven L. Beal, Senior Vice President
                                      and Chief Financial Officer of PPUSA


                                       10

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