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. 2-81398B


                           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 / /




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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 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
             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





                                                         2

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                           PARKER & PARSLEY 83-B, 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 $201,071 at June 30
     and $232,278 at December 31                  $    201,570     $    232,778
   Accounts receivable:
     Oil and gas sales                                 167,673          223,024
     Other                                                 -             10,817
                                                   -----------      -----------
           Total current assets                        369,243          466,619
                                                   -----------      -----------
Oil and gas properties - at cost, based on the
   successful efforts accounting method             19,474,226       19,461,615
Accumulated depletion                              (16,309,708)     (16,153,730)
                                                   -----------      -----------
     Net oil and gas properties                      3,164,518        3,307,885
                                                   -----------      -----------
                                                  $  3,533,761     $  3,774,504
                                                   ===========      ===========
LIABILITIES AND PARTNERS' CAPITAL

Current liabilities:
   Accounts payable - affiliate                   $     59,754     $     48,060
Partners' capital:
   General partners                                    395,540          435,525
   Limited partners (23,370 interests)               3,078,467        3,290,919
                                                   -----------      -----------
                                                     3,474,007        3,726,444
                                                   -----------      -----------
                                                  $  3,533,761     $  3,774,504
                                                   ===========      ===========

   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 83-B, 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                    $ 324,521   $ 462,893   $ 669,914   $1,032,956
  Interest                           3,077       4,519       6,622        8,414
  Gain on disposition of assets        157      16,500         157       16,500
                                  --------    --------    --------    ---------
                                   327,755     483,912     676,693    1,057,870
                                  --------    --------    --------    ---------
Costs and expenses:
  Oil and gas production           262,138     238,907     529,323      514,487
  General and administrative        10,964      14,880      21,809       33,766
  Depletion                         74,979      91,264     155,978      186,444
                                  --------    --------    --------    ---------
                                   348,081     345,051     707,110      734,697
                                  --------    --------    --------    ---------
Net income (loss)                $ (20,326)  $ 138,861   $ (30,417)  $  323,173
                                  ========    ========    ========    =========
Allocation of net income (loss):
   General partners              $   6,449   $  46,178   $  16,197   $  106,979
                                  ========    ========    ========    =========
   Limited partners              $ (26,775)  $  92,683   $ (46,614)  $  216,194
                                  ========    ========    ========    =========
Net income (loss) per limited
  partnership interest           $   (1.14)  $    3.96   $   (1.99)  $     9.25
                                  ========    ========    ========    =========
Distributions per limited
  partnership interest           $    1.50   $    9.00   $    7.10   $    19.37
                                  ========    ========    ========    =========


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

                         STATEMENT OF PARTNERS' CAPITAL
                                   (Unaudited)




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

Balance at January 1, 1998        $  435,525     $3,290,919     $3,726,444

    Distributions                    (56,182)      (165,838)      (222,020)

    Net income (loss)                 16,197        (46,614)       (30,417)
                                   ---------      ---------      ---------

Balance at June 30, 1998          $  395,540     $3,078,467     $3,474,007
                                   =========      =========      =========




         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)

                                                          Six months ended
                                                               June 30,
                                                      ------------------------
                                                         1998          1997
                                                      ----------    ----------
Cash flows from operating activities:
  Net income (loss)                                   $  (30,417)   $  323,173
  Adjustments to reconcile net income (loss) to
    net cash provided by operating activities:
       Depletion                                         155,978       186,444
       Gain on disposition of assets                        (157)      (16,500)
  Changes in assets and liabilities:
    Accounts receivable                                   55,351       135,878
    Accounts payable                                      11,694        14,881
                                                       ---------     ---------
          Net cash provided by operating
            activities                                   192,449       643,876
                                                       ---------     ---------
Cash flows from investing activities:
  Additions to oil and gas properties                    (12,611)          -
  Proceeds from asset disposition                         10,974        26,062
                                                       ---------     ---------
          Net cash provided by (used in)
            investing activities                          (1,637)       26,062
                                                       ---------     ---------
Cash flows from financing activities:
  Cash distributions to partners                        (222,020)     (603,118)
                                                       ---------     ---------
Net increase (decrease) in cash and cash equivalents     (31,208)       66,820
Cash and cash equivalents at beginning of period         232,778       228,937
                                                       ---------     ---------
Cash and cash equivalents at end of period            $  201,570    $  295,757
                                                       =========     =========

         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
                                  June 30, 1998
                                   (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  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  reclassifications have been made
to the June 30,  1997  financial  statements  to  conform  to the June 30,  1998
financial statements.

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 $669,914 from $1,032,956
for the six months ended June 30, 1998 and 1997,  respectively.  The decrease in
revenues  resulted from lower average prices received,  offset by an increase in
production.  For the six  months ended June  30,  1998,  31,285  barrels of oil,

                                        7

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14,787 barrels of natural gas liquids  ("NGLs") and 71,913 mcf of gas were sold,
or 58,058 barrel of oil equivalents ("BOEs").  For the six months ended June 30,
1997, 35,130 barrels of oil and 118,613 mcf of gas were sold, or 54,899 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  $6.17,  or 30%,  from
$20.42 for the six months  ended June 30,  1997 to $14.25 for the same period in
1998.  The average price received per barrel of NGLs during the six months ended
June 30, 1998 was $7.46. The average price received per mcf of gas decreased 41%
from  $2.66  during the six months  ended  June 30,  1997 to $1.58 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 $157 was  recognized  during the six months
ended June 30, 1998 from post closing adjustments  received from the sale of two
oil and gas wells and an  overriding  royalty  interest in one well during 1997.
Salvage  income of $16,500  for the six months  ended June 30,  1997 was derived
from the disposal of equipment on wells plugged and abandoned in prior years.

Costs and Expenses:

Total costs and expenses decreased to $707,110 for the six months ended June 30,
1998 as compared to $734,697 for the same period in 1997, a decrease of $27,587,
or 4%.  This  decrease  resulted  from  declines  in  depletion  and general and
administrative expenses ("G&A"), offset by an increase in production costs.

Production  costs  were  $529,323  for the six months  ended  June 30,  1998 and
$514,487 for the same period in 1997 resulting in a $14,836 increase, or 3%. The
increase was due to additional well  maintenance  costs incurred in an effort to
stimulate well  production,  offset by declines in production taxes and workover
expenses.

                                        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, 35% from $33,766 for the six months ended June 30, 1997
to $21,809 for the same period in 1998.

Depletion  was  $155,978  for the six months  ended June 30,  1998  compared  to
$186,444 for the same period in 1997.  This  represented a decrease in depletion
of $30,466,  or 16%. 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 3,845  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 30% to $324,521 from $462,893
for the three months ended June 30, 1998 and 1997, respectively. The decrease in
revenues  resulted from lower average prices received,  offset by an increase in
production.  For the three months ended June 30,  1998,  15,389  barrels of oil,
7,714 barrels of NGLs and 36,519 mcf of gas were sold,  or 29,190 BOEs.  For the
three months ended June 30,  1997,  17,338  barrels of oil and 58,029 mcf of gas
were sold, or 27,010 BOEs.

The average  price  received per barrel of oil  decreased  $5.25,  or 28%,  from
$18.85 for the three  months  ended June 30, 1997 to $13.60 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 $7.59.  The average price  received per mcf
of gas  decreased  34% from $2.35 during the three months ended June 30, 1997 to
$1.55 for the same period in 1998.

A gain on disposition  of assets of $157 was recognized  during the three months
ended June 30, 1998 from post closing adjustments  received from the sale of two
oil and gas wells and an  overriding  royalty  interest in one well during 1997.
Salvage  income of $16,500 for the three  months ended June 30, 1997 was derived
from the disposal of equipment on wells plugged and abandoned in prior years.

Costs and Expenses:

Total costs and  expenses  increased to $348,081 for the three months ended June
30, 1998 as compared  to  $345,051  for the same period in 1997,  an increase of
$3,030.  This increase resulted from higher production costs, offset by declines
in depletion and G&A.

Production  costs were  $262,138  for the three  months  ended June 30, 1998 and
$238,907 for the same period in 1997  resulting in a $23,231  increase,  or 10%.
The increase was due to additional well maintenance  costs incurred in an effort
to  stimulate  well  production,  offset by declines in  workover  expenses  and
production taxes.
                                        9

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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,  26% from $14,880 for the three months ended June 30,
1997 to $10,964 for the same period in 1998.

Depletion  was $74,979  for the three  months  ended June 30,  1998  compared to
$91,264 for the same period in 1997. This represented a decrease in depletion of
$16,285, or 18%. 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 1,949
barrels for the period 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  $451,427  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 paid.

Net Cash Provided by (Used in) Investing Activities

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

Proceeds from asset  disposition of $10,974 were received  during the six months
ended June 30, 1998 from the sale of two oil and gas wells during 1997. Proceeds
of $26,062  were  received  during the same period in 1997 of which  $16,500 was
derived from the sale of equipment from properties  abandoned in prior years and
$9,562 was received from the disposal of equipment on active properties.

Net Cash Used in Financing Activities

Cash  was   sufficient  for  the  six  months  ended  June  30,  1998  to  cover
distributions  to the partners of $222,020 of which $56,182 was  distributed  to
the general partners and $165,838 to the limited  partners.  For the same period
ended June 30, 1997,  cash was sufficient for  distributions  to the partners of
$603,118 of which $150,522 was distributed to the general  partners and $452,596
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.

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

                                       10

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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 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:   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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