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 June 30, 2001


                         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)


     5205 N. O'Connor Blvd., Suite 1400, 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 June 30, 2001 and
              December 31, 2000.......................................    3

           Statements of Operations for the three and six
             months ended June 30, 2001 and 2000......................    4

           Statement of Partners' Capital for the six months
             ended June 30, 2001......................................    5

           Statements of Cash Flows for the six months ended
             June 30, 2001 and 2000...................................    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

           Signatures.................................................   12



                                        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
<TABLE>

                                                       June 30,     December 31,
                                                         2001           2000
                                                     -----------    -----------
                                                     (Unaudited)
                 ASSETS

<S>                                                  <C>             <C>
Current assets:
   Cash                                              $   315,293    $   144,763
   Accounts receivable - oil and gas sales               138,533        198,467
                                                      ----------     ----------
        Total current assets                             453,826        343,230
                                                      ----------     ----------
Oil and gas properties - at cost, based on the
   successful efforts accounting method                6,772,191      6,954,545
Accumulated depletion                                 (5,822,040)    (5,969,972)
                                                      ----------     ----------
        Net oil and gas properties                       950,151        984,573
                                                      ----------     ----------
                                                     $ 1,403,977    $ 1,327,803
                                                      ==========     ==========
LIABILITIES AND PARTNERS' CAPITAL

Current liabilities:
   Accounts payable - affiliate                      $    22,604    $    16,350

Partners' capital:
   Managing general partner                               13,783         13,083
   Limited partners (8,954 interests)                  1,367,590      1,298,370
                                                      ----------     ----------
                                                       1,381,373      1,311,453
                                                      ----------     ----------
                                                     $ 1,403,977    $ 1,327,803
                                                      ==========     ==========

</TABLE>


   The financial information included as of June 30, 2001 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>

                                    Three months ended       Six months ended
                                         June 30,                June 30,
                                 ----------------------    ----------------------
                                    2001        2000         2001         2000
                                 ---------    ---------    ---------    ---------
<S>                              <C>          <C>          <C>          <C>
Revenues:
  Oil and gas                    $ 287,569    $ 302,734    $ 613,966    $ 591,346
  Interest                           2,193        3,085        4,914        5,177
  Gain on disposition of assets      7,855        8,845        7,855        8,845
                                  --------     --------     --------     --------
                                   297,617      314,664      626,735      605,368
                                  --------     --------     --------     --------
Costs and expenses:
  Oil and gas production           128,587      114,842      233,029      205,053
  General and administrative         7,189        8,802       15,349       17,740
  Depletion                         21,178       15,809       36,755       35,517
  Abandoned property                10,241          -         10,241          -
                                  --------     --------     --------     --------
                                   167,195      139,453      295,374      258,310
                                  --------     --------     --------     --------
Net income                       $ 130,422    $ 175,211    $ 331,361    $ 347,058
                                  ========     ========     ========     ========
Allocation of net income:
  Managing general partner       $   1,305    $   1,753    $   3,314    $   3,471
                                  ========     ========     ========     ========
  Limited partners               $ 129,117    $ 173,458    $ 328,047    $ 343,587
                                  ========     ========     ========     ========
Net income per limited
  partnership interest           $   14.42    $   19.37    $   36.64    $   38.37
                                  ========     ========     ========     ========

</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>

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


<S>                                     <C>          <C>           <C>
Balance at January 1, 2001              $  13,083    $1,298,370    $1,311,453

    Distributions                          (2,614)     (258,827)     (261,441)

    Net income                              3,314       328,047       331,361
                                         --------     ---------     ---------

Balance at June 30, 2001                $  13,783    $1,367,590    $1,381,373
                                         ========     =========     =========

</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>

                                                           Six months ended
                                                              June 30,
                                                       ------------------------
                                                          2001          2000
                                                       ----------    ----------
<S>                                                    <C>           <C>
Cash flows from operating activities:
  Net income                                           $  331,361    $  347,058
  Adjustments to reconcile net income to net
     cash provided by operating activities:
        Depletion                                          36,755        35,517
        Gain on disposition of assets                      (7,855)       (8,845)
  Changes in assets and liabilities:
        Accounts receivable                                59,934       (10,351)
        Accounts payable                                    8,682         9,046
                                                        ---------     ---------
          Net cash provided by operating activities       428,877       372,425
                                                        ---------     ---------
Cash flows from investing activities:
  Additions to oil and gas properties                      (2,916)       (5,439)
  Proceeds from asset dispositions                          6,010         8,845
                                                        ---------     ---------
          Net cash provided by investing activities         3,094         3,406
                                                        ---------     ---------
Cash flows used in financing activities:
  Cash distributions to partners                         (261,441)     (351,856)
                                                        ---------     ---------
Net increase in cash                                      170,530        23,975
Cash at beginning of period                               144,763       129,430
                                                        ---------     ---------
Cash at end of period                                  $  315,293    $  153,405
                                                        =========     =========


</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
                                  June 30, 2001
                                   (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 June 30, 2001 and for the three and six months ended June 30,
2001 and 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 June 30, 2000  financial  statements to conform to the June 30, 2001
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, 2000, 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,  Suite 1400, 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, 2001 compared with six months ended
  June 30, 2000

Revenues:

The  Partnership's  oil and gas  revenues  increased  4% to $613,966 for the six
months  ended June 30, 2001 as compared to $591,346 for the same period in 2000.
The increase in revenues resulted from higher average prices received, offset by
a decrease in production. For the six months ended June 30, 2001, 14,397 barrels

                                        7

<PAGE>



of oil, 4,692 barrels of natural gas liquids ("NGLs") and 20,792 mcf of gas were
sold, or 22,554  barrel of oil  equivalents  ("BOEs").  For the six months ended
June 30, 2000,  16,511  barrels of oil,  6,423 barrels of NGLs and 26,695 mcf of
gas were sold, or 27,383 BOEs.

The average price received per barrel of oil increased $1.33, or 5%, from $26.91
for the six months  ended June 30,  2000 to $28.24 for the same  period in 2001.
The average  price  received per barrel of NGLs  increased  $3.39,  or 24%, from
$14.08  during the six months  ended June 30, 2000 to $17.47 for the same period
in 2001.  The average price  received per mcf of gas  increased  184% from $2.12
during the six months  ended June 30, 2000 to $6.03 for the same period in 2001.
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, 2001.

Gain on disposition of assets of $7,855 was received during the six months ended
June 30, 2001 due to the sale of  equipment  on one well  plugged and  abandoned
during  the  current  period.  Abandoned  property  costs of  $10,241  were also
incurred  during the same period to plug and abandon this well. A gain of $8,845
was recognized  during the same period in 2000 resulting from equipment  credits
received on one fully depleted well.

Costs and Expenses:

Total costs and expenses increased to $295,374 for the six months ended June 30,
2001 as  compared  to  $258,310  for the same  period in 2000,  an  increase  of
$37,064,  or 14%.  This  increase  was due to  increases  in  production  costs,
abandoned  property  costs and  depletion,  offset by a decline in  general  and
administrative expenses ("G&A").

Production  costs  were  $233,029  for the six months  ended  June 30,  2001 and
$205,053 for the same period in 2000  resulting in a $27,976  increase,  or 14%.
This  increase was primarily  due to  additional  workover and well  maintenance
costs  incurred to stimulate  well  production  and increased  production  taxes
associated with higher oil and gas prices.

G&A's  components are independent  accounting and engineering  fees and managing
general partner personnel and operating costs. During this period, G&A decreased
13% from  $17,740 for the six months ended June 30, 2000 to $15,349 for the same
period in 2001, primarily due to decreased audit and tax fees.

Depletion  was  $36,755  for the six months  ended June 30,  2001 as compared to
$35,517 for the same period in 2000, an increase of $1,238, or 3%. This increase
was primarily due to a reduction in proved reserves during the period ended June
30,  2001 as a result of lower  commodity  prices,  offset by a decrease  in oil
production  of 2,114  barrels for the six months ended June 30, 2001 as compared
to the same period in 2000.

                                        8

<PAGE>



Three months ended June 30, 2001 compared with three months ended June 30, 2000

Revenues:

The  Partnership's  oil and gas revenues  decreased 5% to $287,569 for the three
months  ended June 30, 2001 as compared to $302,734 for the same period in 2000.
The decrease in revenues resulted from lower average prices received for oil and
a decline in production,  offset by higher  average prices  received for gas and
NGLs.  For the three  months ended June 30, 2001,  7,644  barrels of oil,  2,377
barrels of NGLs and 12,161 mcf of gas were sold,  or 12,048 BOEs.  For the three
months  ended June 30, 2000,  8,275  barrels of oil,  3,156  barrels of NGLs and
12,676 mcf of gas were sold, or 13,544 BOEs.

The average price received per barrel of oil decreased  $.56, or 2%, from $27.42
for the three  months ended June 30, 2000 to $26.86 for the same period in 2001.
The average  price  received  per barrel of NGLs  increased  $1.22,  or 9%, from
$13.81 during the three months ended June 30, 2000 to $15.03 for the same period
in 2001.  The average  price  received per mcf of gas  increased  50% from $2.55
during  the three  months  ended June 30,  2000 to $3.83 for the same  period in
2001.

Gain on  disposition  of assets of $7,855 was  received  during the three months
ended  June 30,  2001  due to the sale of  equipment  on one  well  plugged  and
abandoned  during the current period.  Abandoned  property costs of $10,241 were
also  incurred  during the same period to plug and abandon  this well. A gain of
$8,845 was  recognized  during the same period in 2000  resulting from equipment
credits received on one fully depleted well.

Costs and Expenses:

Total costs and  expenses  increased to $167,195 for the three months ended June
30, 2001 as compared  to  $139,453  for the same period in 2000,  an increase of
$27,742,  or 20%.  This  increase  was due to  increases  in  production  costs,
abandoned property costs and depletion, offset by a decline in G&A.

Production  costs were  $128,587  for the three  months  ended June 30, 2001 and
$114,842 for the same period in 2000  resulting in a $13,745  increase,  or 12%.
The increase was primarily due to additional workover and well maintenance costs
incurred to stimulate well production.

During this  period,  G&A  decreased  18% from $8,802 for the three months ended
June 30, 2000 to $7,189 for the same period in 2001 due to lower  percentage  of
the managing general partner's G&A being allocated (limited to 3% of oil and gas
revenues)  as a result of a decline in oil and gas  revenues  and a decrease  in
audit and tax fees.

Depletion  was $21,178 for the three  months  ended June 30, 2001 as compared to
$15,809  for the same  period in 2000,  an  increase  of  $5,369,  or 34%.  This
increase was primarily due to a reduction in proved  reserves  during the period
ended June 30, 2001 as a result of lower commodity  prices,  offset by a decline
in oil  production  of 631 barrels for the three  months  ended June 30, 2001 as
compared to the same period in 2000.


                                        9

<PAGE>




Liquidity and Capital Resources

Net Cash Provided by Operating Activities

Net cash  provided by  operating  activities  increased  $56,452  during the six
months  ended  June 30,  2001 from the same  period  ended June 30,  2000.  This
increase  was  primarily  due to an  increase  of  $22,357  in oil and gas sales
receipts  and  reductions  of $2,391 in G&A  expenses  and  $69,921  in  working
capital,  offset by  increases  in  production  costs of $27,976  and  abandoned
property  costs of $10,241.  The increase in oil and gas receipts  resulted from
the increase in commodity  prices  during 2001 which  contributed  an additional
$147,904 to oil and gas receipts,  offset by $125,547 resulting from the decline
in production  during 2001 as compared to the same period in 2000.  The increase
in  production  costs  was  primarily  due  to  additional   workover  and  well
maintenance costs incurred to stimulate well production and increased production
taxes  associated  with  higher  oil and gas  prices.  The  decrease  in G&A was
primarily due to decreased audit and tax fees.

Net Cash Provided by Investing Activities

The  Partnership's  principal  investing  activities during the six months ended
June 30,  2001 and  2000  were for  equipment  upgrades  on  active  oil and gas
properties.

Proceeds  from  disposition  of assets of $6,010 was  recognized  during the six
months ended June 30, 2001. The proceeds were comprised of $5,485  received from
the sale of  equipment  on one well  plugged  and  abandoned  during the current
period and $525 from equipment credits received on two active wells. Proceeds of
$8,845  recognized during the same period in 2000 were from equipment credits on
one fully depleted well.

Net Cash Used in Financing Activities

For the six months ended June 30, 2001, cash  distributions to the partners were
$261,441,  of which $2,614 was  distributed to the managing  general partner and
$258,827 to the limited partners.  For the same period ended June 30, 2000, cash
distributions to the partners were $351,856,  of which $3,519 was distributed to
the managing general partner and $348,337 to the limited partners.

For the three  months  ended June 30, 2001,  no  distributions  were made by the
partnership to its partners.  Subsequent to June 30, 2001 the cash  distribution
that  otherwise  would  have been  mailed to  partners  in late June was made to
holders  of  record  as of July 9, 2001 and was  mailed  on July 13,  2001.  For
further information, see "Proposal to acquire partnerships" below.

Proposal to acquire partnerships

On June 29, 2001,  Pioneer Natural Resources Company  ("Pioneer") filed with the
Securities and Exchange Commission  Amendment No. 1 to the Form S-4 Registration
Statement (File No. 333- 59094) (the "preliminary proxy  statement/prospectus"),
which  proposes an agreement and plan of merger among Pioneer,  Pioneer  Natural
Resources USA, Inc. ("Pioneer USA"), a wholly-owned  subsidiary of Pioneer,  and
46 Parker & Parsley limited  partnerships.  Each  partnership  that approves the
agreement and plan of merger and the other related  merger  proposals will merge


                                       10

<PAGE>



with and into Pioneer USA upon the closing of the transactions  described in the
preliminary proxy  statement/prospectus,  and the partnership  interests of each
such  partnership  will be converted  into the right to receive  Pioneer  common
stock.  The Partnership is one of the 46 Parker & Parsley  limited  partnerships
that will be asked to approve the agreement and plan of merger.  The preliminary
proxy statement/prospectus is non-binding and is subject to, among other things,
consideration  of offers from third parties to purchase any  partnership  or its
assets and the majority  approval of the limited  partnership  interests in each
partnership.

Pioneer USA will solicit  proxies  from limited  partners to approve the mergers
only when the proxy  statement/prospectus  is final and declared  effective.  No
solicitation will be made using preliminary  materials.  Nonetheless,  copies of
the preliminary proxy  statement/prospectus  may be obtained without charge upon
request from Pioneer Natural Resources Company, 5205 North O'Connor Blvd., Suite
1400, Irving, Texas 75039, Attention: Investor Relations.

The limited partners are urged to read the proxy statement/prospectus of Pioneer
filed with the Securities and Exchange Commission, when it is finalized, because
it  contains  important  information  about  the  proposed  mergers,   including
information  about the direct and indirect  interests of Pioneer USA and Pioneer
in the mergers.  The limited  partners may also obtain the preliminary and (when
filed) final proxy statement/prospectus and other relevant documents relating to
the proposed  mergers free through the internet web site that the Securities and
Exchange Commission maintains at www.sec.gov.

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

(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 - none

(b)   Reports on Form 8-K - none


                                       11

<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:  August 8, 2001             By:      /s/ Rich Dealy
                                            ---------------------------------
                                            Rich Dealy, Vice President and
                                            Chief Accounting Officer




                                       12

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