UNITED STATES
                       SECURITIES AND EXCHANGE COMMISSION
                             WASHINGTON, D. C. 20549


                                    FORM 10-Q


                Quarterly Report Pursuant to Section 13 or 15(d)
                     of the Securities Exchange Act of 1934

                For the quarterly period ended September 30, 2000


                         Commission File No. 33-19659-02


                           PARKER & PARSLEY 88-B, L.P.
                          -----------------------------
             (Exact name of Registrant as specified in its charter)


                          Delaware                            75-2240121
           ----------------------------------------     ---------------------
              (State or other jurisdiction of              (I.R.S. Employer
               incorporation or organization)           Identification Number)


1400 Williams Square West, 5205 N. O'Connor Blvd., Irving, Texas       75039
----------------------------------------------------------------     ---------
          (Address of principal executive offices)                   (Zip code)

       Registrant's Telephone Number, including area code : (972) 444-9001


       Not applicable (Former name, former address and former fiscal year,
                          if changed since last report)

Indicate by check mark whether the Registrant (1) has filed all reports required
to be filed by Section 13 or 15(d) of the Securities Exchange Act of 1934 during
the  preceding 12 months (or for such  shorter  period that the  Registrant  was
required  to file  such  reports),  and  (2) has  been  subject  to such  filing
requirements for the past 90 days.

                                Yes / x / No / /




<PAGE>



                           PARKER & PARSLEY 88-B, L.P.

                                TABLE OF CONTENTS


                                                                       Page
                          Part I. Financial Information

Item 1.    Financial Statements

           Balance Sheets as of September 30, 2000 and
              December 31, 1999......................................    3

           Statements of Operations for the three and nine
             months ended September 30, 2000 and 1999................    4

           Statement of Partners' Capital for the nine months
             ended September 30, 2000................................    5

           Statements of Cash Flows for the nine months ended
             September 30, 2000 and 1999.............................    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

<PAGE>



                           PARKER & PARSLEY 88-B, L.P.
                        (A Delaware Limited Partnership)

                          Part I. Financial Information


Item 1.      Financial Statements
<TABLE>
                                 BALANCE SHEETS
<CAPTION>
                                                  September 30,    December 31,
                                                      2000             1999
                                                  ------------     ------------
                                                  (Unaudited)
                 ASSETS
<S>                                               <C>              <C>

Current assets:
  Cash                                            $    169,668     $    129,430
  Accounts receivable - oil and gas sales              167,755          138,030
                                                   -----------      -----------
          Total current assets                         337,423          267,460
                                                   -----------      -----------
Oil and gas properties - at cost, based on the
  successful efforts accounting method               6,953,903        7,129,071
Accumulated depletion                               (5,954,144)      (6,083,367)
                                                   -----------      -----------
          Net oil and gas properties                   999,759        1,045,704
                                                   -----------      -----------
                                                  $  1,337,182     $  1,313,164
                                                   ===========      ===========
    LIABILITIES AND PARTNERS' CAPITAL

Current liabilities:
  Accounts payable - affiliate                    $     41,021     $     21,245

Partners' capital:
  Managing general partner                              12,931           12,888
  Limited partners (8,954 interests)                 1,283,230        1,279,031
                                                   -----------      -----------
                                                     1,296,161        1,291,919
                                                   -----------      -----------
                                                  $  1,337,182     $  1,313,164
                                                   ===========      ===========
</TABLE>



The financial information included as of September 30, 2000 has been prepared by
  the managing general partner without audit by independent public accountants.

   The accompanying notes are an integral part of these financial statements.

                                        3

<PAGE>



                           PARKER & PARSLEY 88-B, L.P.
                        (A Delaware Limited Partnership)

                            STATEMENTS OF OPERATIONS
                                   (Unaudited)


<TABLE>
<CAPTION>

                                     Three months ended          Nine months ended
                                        September 30,               September 30,
                                   ----------------------     ----------------------
                                      2000         1999          2000         1999
                                   ---------    ---------     ---------    ---------
<S>                                <C>          <C>           <C>          <C>
Revenues:
   Oil and gas                     $ 352,159    $ 193,105     $ 943,505    $ 464,466
   Interest                            3,636        1,871         8,813        4,402
   Gain on disposition of assets       7,108          -          15,953          -
                                    --------     --------      --------     --------
                                     362,903      194,976       968,271      468,868
                                    --------     --------      --------     --------
Costs and expenses:
   Oil and gas production            114,143       91,163       319,196      259,829
   General and administrative         10,565        5,793        28,305       13,934
   Depletion                          16,274       18,378        51,791       84,841
   Abandoned property                  8,226          -           8,226          -
                                    --------     --------      --------     --------
                                     149,208      115,334       407,518      358,604
                                    --------     --------      --------     --------
Net income                         $ 213,695    $  79,642     $ 560,753    $ 110,264
                                    ========     ========      ========     ========
Allocation of net income:
   Managing general partner        $   2,137    $     796     $   5,608    $   1,102
                                    ========     ========      ========     ========
   Limited partners                $ 211,558    $  78,846     $ 555,145    $ 109,162
                                    ========     ========      ========     ========
Net income per limited
   partnership interest            $   23.63    $    8.80     $   62.00    $   12.19
                                    ========     ========      ========     ========
</TABLE>





         The financial information included herein has been prepared by
  the managing general partner without audit by independent public accountants.

   The accompanying notes are an integral part of these financial statements.

                                        4

<PAGE>



                           PARKER & PARSLEY 88-B, L.P.
                        (A Delaware Limited Partnership)

                         STATEMENT OF PARTNERS' CAPITAL
                                   (Unaudited)



<TABLE>
<CAPTION>

                                         Managing
                                         general       Limited
                                         partner       partners        Total
                                        ----------    ----------    ----------
<S>                                     <C>           <C>           <C>


Balance at January 1, 2000              $   12,888    $1,279,031    $1,291,919

    Distributions                           (5,565)     (550,946)     (556,511)

    Net income                               5,608       555,145       560,753
                                         ---------     ---------     ---------

Balance at September 30, 2000           $   12,931    $1,283,230    $1,296,161
                                         =========     =========     =========
</TABLE>






         The financial information included herein has been prepared by
  the managing general partner without audit by independent public accountants.

   The accompanying notes are an integral part of these financial statements.

                                        5

<PAGE>



                           PARKER & PARSLEY 88-B, L.P.
                        (A Delaware Limited Partnership)

                            STATEMENTS OF CASH FLOWS
                                   (Unaudited)


<TABLE>
<CAPTION>

                                                          Nine months ended
                                                             September 30,
                                                       ------------------------
                                                          2000          1999
                                                       ----------    ----------
<S>                                                    <C>           <C>
Cash flows from operating activities:
   Net income                                          $  560,753    $  110,264
   Adjustments to reconcile net income to net
      cash provided by operating activities:
         Depletion                                         51,791        84,841
         Gain on disposition of assets                    (15,953)          -
   Changes in assets and liabilities:
         Accounts receivable                              (29,725)      (45,418)
         Accounts payable                                  22,569         9,419
                                                        ---------     ---------
           Net cash provided by operating activities      589,435       159,106
                                                        ---------     ---------
Cash flows from investing activities:
   Additions to oil and gas properties                     (5,788)       (5,650)
   Proceeds from asset dispositions                        13,102        10,758
                                                        ---------     ---------
           Net cash provided by investing activities        7,314         5,108
                                                        ---------     ---------
Cash flows used in financing activities:
   Cash distributions to partners                        (556,511)     (138,124)
                                                        ---------     ---------
Net increase in cash                                       40,238        26,090
Cash at beginning of period                               129,430       110,641
                                                        ---------     ---------
Cash at end of period                                  $  169,668    $  136,731
                                                        =========     =========
</TABLE>





         The financial information included herein has been prepared by
  the managing general partner without audit by independent public accountants.

   The accompanying notes are an integral part of these financial statements.

                                        6

<PAGE>



                           PARKER & PARSLEY 88-B, L.P.
                        (A Delaware Limited Partnership)

                          NOTES TO FINANCIAL STATEMENTS
                               September 30, 2000
                                   (Unaudited)

Note 1.     Organization and nature of operations

Parker &  Parsley  88-B,  L.P.  (the  "Partnership")  is a  limited  partnership
organized in 1988 under the laws of the State of Delaware.

The  Partnership  engages in oil and gas development and production in Texas and
is not involved in any industry segment other than oil and gas.

Note 2.     Basis of presentation

In  the  opinion  of  management,  the  unaudited  financial  statements  of the
Partnership  as of  September  30, 2000 and for the three and nine months  ended
September 30, 2000 and 1999 include all adjustments and accruals consisting only
of  normal  recurring  accrual  adjustments  which  are  necessary  for  a  fair
presentation  of the results for the interim  period.  These interim results are
not necessarily indicative of results for a full year. Certain reclassifications
may have been made to the September 30, 1999 financial  statements to conform to
the September 30, 2000 financial statement presentations.

Certain  information  and footnote  disclosures  normally  included in financial
statements prepared in accordance with generally accepted accounting  principles
have been  condensed  or  omitted  in this Form 10-Q  pursuant  to the rules and
regulations of the Securities and Exchange Commission.  The financial statements
should  be read in  conjunction  with the  financial  statements  and the  notes
thereto  contained in the  Partnership's  Report on Form 10-K for the year ended
December 31, 1999, 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

Nine months ended  September 30, 2000 compared with nine months ended  September
  30, 1999

Revenues:

The Partnership's  oil and gas revenues  increased 103% to $943,505 for the nine
months ended  September  30, 2000 as compared to $464,466 for the same period in
1999. The increase in revenues  resulted from higher average prices received and
an increase in production. For the nine months ended  September 30, 2000, 24,263

                                        7

<PAGE>



barrels of oil, 10,130 barrels of natural gas liquids ("NGLs") and 41,502 mcf of
gas were sold, or 41,310 barrel of oil equivalents ("BOEs"). For the nine months
ended  September 30, 1999,  20,455  barrels of oil,  10,153  barrels of NGLs and
42,206 mcf of gas were sold, or 37,642 BOEs.

The average  price  received per barrel of oil  increased  $13.32,  or 89%, from
$15.00  for the nine  months  ended  September  30,  1999 to $28.32 for the same
period in 2000. The average price  received per barrel of NGLs increased  $6.38,
or 73%, from $8.73 during the nine months ended September 30, 1999 to $15.11 for
the same period in 2000. The average price received per mcf of gas increased 53%
from $1.63 during the nine months ended September 30, 1999 to $2.49 for the same
period in 2000. 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, 2000.

Gain on disposition  of assets of $15,953 was recognized  during the nine months
ended  September 30, 2000.  The gain was comprised of $11,638  received from the
sale of equipment on one well plugged and  abandoned  during the current  period
and $4,315 from equipment credits received on one well.

Costs and Expenses:

Total  costs and  expenses  increased  to  $407,518  for the nine  months  ended
September  30,  2000 as compared  to  $358,604  for the same period in 1999,  an
increase of $48,914,  or 14%.  This  increase was due to increases in production
costs, general and administrative expenses ("G&A") and abandoned property costs,
offset by a decline in depletion.

Production  costs were $319,196 for the nine months ended September 30, 2000 and
$259,829 for the same period in 1999,  resulting  in an increase of $59,367,  or
23%.  The  increase  was  primarily  due to higher  production  taxes of $31,582
associated with higher oil and gas prices,  additional well maintenance costs of
$19,994 and $4,321 of workover expenses incurred to stimulate well production.

Abandoned  property costs of $8,226 were recognized during the nine months ended
September  30, 2000  resulting  from one well plugged and  abandoned  during the
current period.

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,  103% from $13,934 for the nine months ended September
30,  1999 to  $28,305  for the same  period  in 2000  primarily  due to a higher
allocation of the managing general partner's G&A being allocated  (limited to 3%
of oil and gas revenues) as a result of increased oil and gas revenues.

Depletion  was $51,791 for the nine months ended  September 30, 2000 compared to
$84,841 for the same period in 1999, representing a decrease of $33,050, or 39%.
This  decrease  was the result of an increase in proved  reserves  due to higher
commodity  prices as compared to the same period in 1999,  offset by an increase
in oil production of 3,808 barrels for the nine months ended  September 30, 2000
compared to the same period in 1999.

                                        8

<PAGE>




Three months ended September 30, 2000 compared with three months ended September
  30, 1999

Revenues:

The Partnership's  oil and gas revenues  increased 82% to $352,159 for the three
months ended  September  30, 2000 as compared to $193,105 for the same period in
1999. The increase in revenues  resulted from higher average prices received and
an increase in production.  For the three months ended September 30, 2000, 7,752
barrels of oil, 3,707 barrels of NGLs and 14,807 mcf of gas were sold, or 13,927
BOEs. For the three months ended September 30, 1999, 6,842 barrels of oil, 3,449
barrels of NGLs and 14,272 mcf of gas were sold, or 12,670 BOEs.

The average  price  received per barrel of oil  increased  $12.62,  or 68%, from
$18.69 for the three  months  ended  September  30,  1999 to $31.31 for the same
period in 2000. The average price  received per barrel of NGLs increased  $5.88,
or 53%, from $11.02  during the three months ended  September 30, 1999 to $16.90
for the same period in 2000. The average price received per mcf of gas increased
65% from $1.91 during the three months ended September 30, 1999 to $3.16 for the
same period in 2000.

Gain on disposition  of assets of $7,108 was recognized  during the three months
ended  September  30,  2000.  The gain was  comprised  of $4,315 from  equipment
credits  received on one well and $2,793  received from the sale of equipment on
one well plugged and abandoned during the current period.

Costs and Expenses:

Total costs and  expenses  increased  to  $149,208  for the three  months  ended
September  30,  2000 as compared  to  $115,334  for the same period in 1999,  an
increase of $33,874,  or 29%.  This  increase was due to increases in production
costs, abandoned property costs and G&A, offset by a decline in depletion.

Production costs were $114,143 for the three months ended September 30, 2000 and
$91,163 for the same period in 1999 resulting in a $22,980 increase, or 25%. The
increase was primarily due to higher production taxes of $11,404 associated with
higher  oil and gas  prices,  additional  workover  expenses  of $4,321 and well
maintenance costs of $2,396 incurred to stimulate well production.

Abandoned  property costs of $8,226 was recognized during the three months ended
September  30, 2000  resulting  from one well plugged and  abandoned  during the
current period.

During this period, G&A increased,  in aggregate,  82% from $5,793 for the three
months ended September 30, 1999 to $10,565 for the same period in 2000 primarily
due to a higher allocation of the managing general partner's G&A being allocated
(limited to 3% of oil and gas  revenues)  as a result of  increased  oil and gas
revenues.

Depletion was $16,274 for the three months ended  September 30, 2000 compared to
$18,378 for the same period in 1999,  representing a decrease of $2,104, or 11%.
This  decrease was due  to an increase in  proved reserves as a result of higher

                                        9

<PAGE>



commodity  prices as compared to the same period in 1999,  offset by an increase
in oil  production of 910 barrels for the three months ended  September 30, 2000
compared to the same period in 1999.

Liquidity and Capital Resources

Net Cash Provided by Operating Activities

Net cash provided by operating  activities  increased  $430,329  during the nine
months ended  September 30, 2000 from the same period ended  September 30, 1999.
This increase was due to an increase in oil and gas sales  receipts of $499,143,
offset by  increases in  production  costs paid of $47,274,  abandoned  property
costs of $8,226 and G&A expenses paid of $13,314.

Net Cash Provided by Investing Activities

The  Partnership's  investing  activities during the nine months ended September
30, 2000 and 1999 were  related to upgrades of oil and gas  equipment on various
oil and gas properties.

Proceeds of $13,102  recognized  during the nine months ended September 30, 2000
were  comprised of $8,845 on one well plugged and  abandoned  during the current
period and  $4,257  from  equipment  credits  on one well.  Proceeds  of $10,758
recognized for the same period in 1999 were from equipment credits on two wells.

Net Cash Used in Financing Activities

For the nine months ended September 30, 2000, cash distributions to the partners
were $556,511,  of which $5,565 was distributed to the managing  general partner
and $550,946 to the limited  partners.  For the same period ended  September 30,
1999,  cash  distributions  to the partners were  $138,124,  of which $1,381 was
distributed  to the  managing  general  partner  and  $136,743  to  the  limited
partners.

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

(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


                                       10

<PAGE>


                           PARKER & PARSLEY 88-B, L.P.
                        (A Delaware 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 88-B, L.P.

                                  By:      Pioneer Natural Resources USA, Inc.,
                                            Managing General Partner




Dated:  November 13, 2000         By:      /s/ Rich Dealy
                                           ----------------------------------
                                           Rich Dealy, Vice President and
                                             Chief Accounting Officer



                                       11

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