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 March 31, 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 / /


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                           PARKER & PARSLEY 88-B, L.P.

                                TABLE OF CONTENTS


                                                                       Page

                          Part I. Financial Information

Item 1.    Financial Statements

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

           Statements of Operations for the three months
             ended March 31, 2000 and 1999...........................    4

           Statement of Partners' Capital for the three months
             ended March 31, 2000....................................    5

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

           27.1    Financial Data Schedule

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


                                        2


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

                          Part I. Financial Information

Item 1.      Financial Statements

                                 BALANCE SHEETS

                                                     March 31,     December 31,
                                                       2000           1999
                                                   -----------     -----------
                                                   (Unaudited)
                  ASSETS
Current assets:
  Cash                                             $   158,339     $   129,430
  Accounts receivable - oil and gas sales              137,219         138,030
                                                    ----------      ----------
        Total current assets                           295,558         267,460
                                                    ----------      ----------
Oil and gas properties - at cost, based on the
  successful efforts accounting method               7,130,954       7,129,071
Accumulated depletion                               (6,103,075)     (6,083,367)
                                                    ----------      ----------
        Net oil and gas properties                   1,027,879       1,045,704
                                                    ----------      ----------
                                                   $ 1,323,437     $ 1,313,164
                                                    ==========      ==========
LIABILITIES AND PARTNERS' CAPITAL

Current liabilities:
  Accounts payable - affiliate                     $    24,434     $    21,245

Partners' capital:
  Managing general partner                              12,958          12,888
  Limited partners (8,954 interests)                 1,286,045       1,279,031
                                                    ----------      ----------
                                                     1,299,003       1,291,919
                                                    ----------      ----------
                                                   $ 1,323,437     $ 1,313,164
                                                    ==========      ==========



  The financial information included as of March 31, 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


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

                            STATEMENTS OF OPERATIONS
                                   (Unaudited)



                                                        Three months ended
                                                              March 31,
                                                     -------------------------
                                                        2000           1999
                                                     ----------     ----------
Revenues:
  Oil and gas                                        $  288,612     $  107,666
  Interest                                                2,092          1,197
                                                      ---------      ---------
                                                        290,704        108,863
                                                      ---------      ---------
Costs and expenses:
  Oil and gas production                                 90,211         81,855
  General and administrative                              8,938          3,230
  Depletion                                              19,708         44,268
                                                      ---------      ---------
                                                        118,857        129,353
                                                      ---------      ---------
Net income (loss)                                    $  171,847     $  (20,490)
                                                      =========      =========
Allocation of net income (loss):
  Managing general partner                           $    1,718     $     (205)
                                                      =========      =========
  Limited partners                                   $  170,129     $  (20,285)
                                                      =========      =========
Net income (loss) per limited partnership interest   $    19.00     $    (2.27)
                                                      =========      =========
Distributions per limited partnership interest       $    18.22     $     3.44
                                                      =========      =========



         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


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

                         STATEMENT OF PARTNERS' CAPITAL
                                   (Unaudited)




                                       Managing
                                       general        Limited
                                       partner        partners         Total
                                      ----------     ----------     ----------

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

    Distributions                         (1,648)      (163,115)      (164,763)

    Net income                             1,718        170,129        171,847
                                       ---------      ---------      ---------

Balance at March 31, 2000             $   12,958     $1,286,045     $1,299,003
                                       =========      =========      =========






         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


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

                            STATEMENTS OF CASH FLOWS
                                   (Unaudited)


                                                         Three months ended
                                                              March 31,
                                                      ------------------------
                                                         2000          1999
                                                      ----------    ----------
Cash flows from operating activities:
  Net income (loss)                                   $  171,847    $  (20,490)
  Adjustments to reconcile net income (loss) to net
    cash provided by operating activities:
       Depletion                                          19,708        44,268
  Changes in assets and liabilities:
       Accounts receivable                                   811        (3,186)
       Accounts payable                                    3,189         2,240
                                                       ---------     ---------
           Net cash provided by operating activities     195,555        22,832
                                                       ---------     ---------
Cash flows from investing activities:
  Additions to oil and gas properties                     (1,883)       (1,685)
  Proceeds from disposition of assets                        -           7,155
                                                       ---------     ---------
           Net cash provided by (used in) investing
             activities                                   (1,883)        5,470
                                                       ---------     ---------
Cash flows used in financing activities:
  Cash distributions to partners                        (164,763)      (31,091)
                                                       ---------     ---------
Net increase (decrease) in cash                           28,909        (2,789)
Cash at beginning of period                              129,430       110,641
                                                       ---------     ---------
Cash at end of period                                 $  158,339    $  107,852
                                                       =========     =========



         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


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

                          NOTES TO FINANCIAL STATEMENTS
                                 March 31, 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 March 31, 2000 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 March 31, 1999 financial  statements to conform to the
March 31, 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

Revenues:

The Partnership's oil and gas revenues  increased 168% to $288,612 for the three
months ended March 31, 2000 as compared to $107,666 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 March 31, 2000, 8,236 barrels
of oil, 3,267 barrels of natural gas liquids ("NGLs") and 14,019 mcf of gas were
sold, or 13,840 barrel of oil equivalents  ("BOEs").  For the three months ended
March 31, 1999,  6,832  barrels of oil,  2,580 barrels of NGLs and 11,826 mcf of
gas were sold, or 11,383 BOEs.

                                        7


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The average price  received per barrel of oil increased  $15.00,  or 131%,  from
$11.41 for the three  months  ended March 31, 1999 to $26.41 for the same period
in 2000. The average price received per barrel of NGLs increased $8.81, or 159%,
from  $5.53 for the three  months  ended  March 31,  1999 to $14.34 for the same
period in 2000.  The average  price  received per mcf of gas  increased 32% from
$1.31  during the three months ended March 31, 1999 to $1.73 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
three months ended March 31, 2000.

The volatility of commodity prices has had, and continues to have, a significant
impact on the Partnership's revenues and operating cash flow and could result in
additional  decreases to the  carrying  value of the  Partnership's  oil and gas
properties.

Costs and Expenses:

Total costs and expenses  decreased to $118,857 for the three months ended March
31,  2000 as compared  to  $129,353  for the same period in 1999,  a decrease of
$10,496, or 8%. The decrease was primarily due to a decline in depletion, offset
by  increases  in  production  costs and  general  and  administrative  expenses
("G&A").

Production  costs were  $90,211  for the three  months  ended March 31, 2000 and
$81,855 for the same period in 1999,  resulting in an $8,356  increase,  or 10%.
The increase  was due to higher  production  taxes due to increased  oil and gas
revenues, offset by a decline 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
increased,  in aggregate,  177% from $3,230 for the three months ended March 31,
1999 to $8,938 for the same period in 2000  primarily  due to increased  oil and
gas revenues.

Depletion  was $19,708  for the three  months  ended March 31, 2000  compared to
$44,268  for the same  period in 1999,  a  decrease  of  $24,560,  or 55%.  This
decrease  was the  result of an  increase  in proved  reserves  during the three
months  ended  March  31,  2000 due to  higher  commodity  prices,  offset by an
increase in oil production of 1,404 barrels for the three months ended March 31,
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  $172,723 during the three
months  ended  March 31,  2000 from the same period in 1999.  The  increase  was
primarily attributable to an increase of $185,838 in oil and gas sales receipts,
offset by increases in operating  costs paid of $10,462 and G&A expenses paid of
$2,653.

                                        8


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Net Cash Provided by (Used in) Investing Activities

The Partnership's  principal investing  activities during the three months ended
March 31,  2000 and 1999 were for  equipment  upgrades  on  various  oil and gas
properties.

Proceeds from  disposition of assets of $7,155  received during the three months
ended  March  31,  1999  were  due  to  equipment  credits  received  on  active
properties.

Net Cash Used in Financing Activities

For the three months ended March 31, 2000,  cash  distributions  to the partners
were $164,763,  of which $1,648 was distributed to the managing  general partner
and $163,115 to the limited partners.  For the same period ended March 31, 1999,
cash  distributions to the partners were $31,091,  of which $311 was distributed
to the managing general partner and $30,780 to the limited partners.

Other Items

Year 2000

During 1998, the managing general partner established a "Year 2000" project that
assessed the Partnership's and the managing general partner's internal Year 2000
problem; took remedial actions necessary to minimize the Year 2000 risk exposure
to the managing  general  partner and third  parties;  and,  tested the managing
general partner's systems and processes once remedial actions were taken.

The  managing  general  partner  has  closely   monitored  its  information  and
non-information   technology  systems  since  the  beginning  of  2000  and  has
identified no significant Year 2000 failures or problems.

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

(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.

                                        9


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                           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:  May 11, 2000              By:      /s/ Rich Dealy
                                           --------------------------------
                                           Rich Dealy, Vice President
                                             and Chief Accounting Officer

                                       10


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