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, 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 March 31, 1998 and
              December 31, 1997   ........................................   3

           Statements of Operations for the three months
             ended March 31, 1998 and 1997................................   4

           Statement of Partners' Capital for the three months
             ended March 31, 1998.........................................   5

           Statements of Cash Flows for the three months
             ended March 31, 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...............................  10

           27.1    Financial Data Schedule

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



                                        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,
                                                      1998            1997
                                                  ------------    ------------
                                                   (Unaudited)
                      ASSETS
                      ------
Current assets:
   Cash and cash equivalents, including interest
      bearing deposits of $191,912 at March 31
      and $232,278 at December 31                 $    192,412    $    232,778
   Accounts receivable - oil and gas sales             169,692         223,024
   Other                                                   -            10,817
                                                   -----------     -----------

            Total current assets                       362,104         466,619
                                                   -----------     -----------
Oil and gas properties - at cost, based on the
   successful efforts accounting method             19,465,962      19,461,615
Accumulated depletion                              (16,234,729)    (16,153,730)
                                                   -----------     -----------

            Net oil and gas properties               3,231,233       3,307,885
                                                   -----------     -----------

                                                  $  3,593,337    $  3,774,504
                                                   ===========     ===========
LIABILITIES AND PARTNERS' CAPITAL
--------------------------------------
Current liabilities:
   Accounts payable - affiliate                   $     51,882    $     48,060

Partners' capital:
   General partners                                    401,159         435,525
   Limited partners (23,370 interests)               3,140,296       3,290,919
                                                   -----------     -----------

                                                     3,541,455       3,726,444
                                                   -----------     -----------

                                                  $  3,593,337    $  3,774,504
                                                   ===========     ===========


  The financial information included as of March 31, 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
                                                                March 31,  
                                                        -----------------------
                                                          1998           1997
                                                        ---------     ---------
Revenues:
   Oil and gas                                          $ 345,393     $ 570,063
   Interest                                                 3,545         3,895
                                                         --------      --------

                                                          348,938       573,958
                                                         --------      --------
Costs and expenses:
   Oil and gas production                                 267,185       275,580
   General and administrative                              10,845        18,886
   Depletion                                               80,999        95,180
                                                         --------      --------

                                                          359,029       389,646
                                                         --------      --------

Net income (loss)                                       $ (10,091)    $ 184,312
                                                         ========      ========
Allocation of net income (loss):
   General partners                                     $   9,748     $  60,801
                                                         ========      ========

   Limited partners                                     $ (19,839)    $ 123,511
                                                         ========      ========

Net income (loss) per limited partnership interest      $    (.85)    $    5.29
                                                         ========      ========

Distributions per limited partnership interest          $    5.60     $   10.37
                                                         ========      ========

   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                          (44,114)      (130,784)     (174,898)

   Net income (loss)                        9,748        (19,839)      (10,091)
                                        ---------      ---------     ---------

Balance at March 31, 1998              $  401,159     $3,140,296    $3,541,455
                                        =========      =========     =========



   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,
                                                          ---------------------
                                                            1998        1997
                                                          ---------   ---------
Cash flows from operating activities:
  Net income (loss)                                       $ (10,091)  $ 184,312
  Adjustments to reconcile net income (loss) to net
     cash provided by operating activities:
        Depletion                                            80,999      95,180
Changes in assets and liabilities:
  Accounts receivable                                        53,332     108,702
  Accounts payable                                            3,822       7,205
                                                           --------    --------

     Net cash provided by operating activities              128,062     395,399
                                                           --------    --------
Cash flows used in investing activities:
  Additions to oil and gas properties                        (4,347)       (540)
  Proceeds from asset disposition                            10,817         -
                                                           --------    --------

     Net cash provided by (used in) investing activities      6,470        (540)
                                                           --------    --------
Cash flows used in financing activities:
  Cash distributions to partners                           (174,898)   (324,490)
                                                           --------    --------

Net increase (decrease) in cash and cash equivalents        (40,366)     70,369
Cash and cash equivalents at beginning of period            232,778     228,937
                                                           --------    --------

Cash and cash equivalents at end of period                $ 192,412   $ 299,306
                                                           ========    ========

    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, 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 as of March 31,
1998 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,  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

Revenues:

The Partnership's  oil and gas revenues  decreased 39% to $345,393 from $570,063
for the three months ended March 31, 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 March 31, 1998, 15,896 barrels of oil,
7,073  barrels of natural gas liquids  ("NGLs") and 35,394 mcf of gas were sold,
or 28,868 barrel of oil equivalents  ("BOEs").  For the three months ended March
31, 1997, 17,792 barrels of oil and 60,584 mcf of gas were sold, or 27,889 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 for 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  months  ended March 31, 1998 is
the price received for dry residue gas and the price per mcf for natural gas for
the three months ended March 31, 1997 is a price for wet gas (i.e.,  natural gas
liquids combined with dry residue gas).

                                        7

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The average  price  received per barrel of oil  decreased  $7.09,  or 32%,  from
$21.96 for the three  months  ended March 31, 1997 to $14.87 for the same period
in 1998.  The average price  received per barrel of NGLs during the three months
ended  March 31,  1998 was $7.32.  The  average  price  received  per mcf of gas
decreased  45% from $2.96  during the three months ended March 31, 1997 to $1.62
for the same period 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 three months ended March 31, 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 March 1998. On April 23,
1998, the market price for West Texas  intermediate crude was $13.80 per barrel.
A continuation of the oil price environment experienced during the first quarter
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.

Costs and Expenses:

Total costs and expenses  decreased to $359,029 for the three months ended March
31,  1998 as compared  to  $389,646  for the same period in 1997,  a decrease of
$30,617,  or 8%. This  decrease was due to decreases  in  depletion,  production
costs and general and administrative expenses ("G&A").

Production  costs were  $267,185  for the three  months ended March 31, 1998 and
$275,580 for the same period in 1997 resulting in a $8,395 decrease,  or 3%. The
decrease was due to a decline in production taxes and workover expenses,  offset
by an increase in 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,  43% from $18,886 for the three months ended March 31,
1997 to $10,845 for the same period in 1998.

Depletion  was $80,999  for the three  months  ended March 31, 1998  compared to
$95,180 for the same period in 1997. This represented a decrease in depletion of
$14,181, or 15%. The decrease was primarily due to a reduction in oil production
of 1,896  barrels  for the period  ended  March 31, 1998 as compared to the same
period in 1997 and 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, offset
by a decrease in oil reserves  during the three months ended March 31, 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  $267,337 during the three
months ended March 31, 1998 from the same period in 1997.  This decrease was due
to a decline in oil and gas sales receipts,  offset by a decline in G&A expenses
paid.


                                        8

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Cash Provided by (Used in) Investing Activities:

The Partnership's investing activities for the three months ended March 31, 1998
and 1997 were for expenditures  related to oil and gas equipment  replacement on
active properties.

Proceeds from asset disposition of $10,817 were received during the three months
ended March 31, 1998 from the sale of two oil and gas wells during 1997.

Net Cash Used in Financing Activities:

For the three months ended March 31, 1998, cash was sufficient for distributions
to the  partners  of $174,898 of which  $44,114 was  distributed  to the general
partners and $130,784 to the limited  partners.  For the same period ended March
31, 1997, cash was sufficient for  distributions  to the partners of $324,490 of
which  $82,225 was  distributed  to the  general  partners  and  $242,265 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
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 March 1,
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.


                                        9

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                           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

       (1)   On April 2, 1998,  the  Partnership  filed a Current Report on Form
             8-K dated  March 31,  1998,  reporting  under  Item 4  (Changes  in
             Registrant's  Certifying  Accountants)  the  engagement  of Ernst &
             Young  LLP  as  the  Partnership's  independent  auditors  and  the
             dismissal of KPMG Peat Marwick LLP effective upon the completion of
             the audit of the  Partnership  for the fiscal year ending  December
             31, 1997.



                                       10

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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:  May 1, 1998                By:       /s/ Rich Dealy
                                             -----------------------------------
                                             Rich Dealy, Vice President
                                               and Chief Accounting Officer


                                       11

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