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, 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)


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, 2001 and
               December 31, 2000.....................................    3

            Statements of Operations for the three months
              ended March 31, 2001 and 2000..........................    4

            Statement of Partners' Capital for the three months
              ended March 31, 2001...................................    5

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

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


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

                          Part I. Financial Information

Item 1.      Financial Statements
<TABLE>

                                 BALANCE SHEETS


                                                      March 31,     December 31,
                                                        2001            2000
                                                    ------------    -----------
                                                    (Unaudited)
                  ASSETS

<S>                                                 <C>             <C>
Current assets:
  Cash                                              $   139,057     $   144,763
  Accounts receivable - oil and gas sales               159,140         198,467
                                                     ----------      ----------
        Total current assets                            298,197         343,230
                                                     ----------      ----------
Oil and gas properties - at cost, based on the
  successful efforts accounting method                6,955,501       6,954,545
Accumulated depletion                                (5,985,549)     (5,969,972)
                                                     ----------      ----------
        Net oil and gas properties                      969,952         984,573
                                                     ----------      ----------
                                                    $ 1,268,149     $ 1,327,803
                                                     ==========      ==========
LIABILITIES AND PARTNERS' CAPITAL

Current liabilities:
  Accounts payable - affiliate                      $    17,198     $    16,350

Partners' capital:
  Managing general partner                               12,478          13,083
  Limited partners (8,954 interests)                  1,238,473       1,298,370
                                                     ----------      ----------
                                                      1,250,951       1,311,453
                                                     ----------      ----------
                                                    $ 1,268,149     $ 1,327,803
                                                     ==========      ==========


  The financial information included as of March 31, 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.
</TABLE>

                                        3

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

                            STATEMENTS OF OPERATIONS
                                   (Unaudited)


<TABLE>

                                                       Three months ended
                                                            March 31,
                                                    -------------------------
                                                       2001           2000
                                                    ----------     ----------

<S>                                                 <C>            <C>
Revenues:
   Oil and gas                                      $  326,397     $  288,612
   Interest                                              2,721          2,092
                                                     ---------      ---------
                                                       329,118        290,704
                                                     ---------      ---------
Costs and expenses:
   Oil and gas production                              104,442         90,211
   General and administrative                            8,160          8,938
   Depletion                                            15,577         19,708
                                                     ---------      ---------
                                                       128,179        118,857
                                                     ---------      ---------
Net income                                          $  200,939     $  171,847
                                                     =========      =========
Allocation of net income
   Managing general partner                         $    2,009     $    1,718
                                                     =========      =========
   Limited partners                                 $  198,930     $  170,129
                                                     =========      =========
Net income per limited partnership interest         $    22.22     $    19.00
                                                     =========      =========



         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.
</TABLE>

                                        4

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                           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                              2,009       198,930       200,939
                                         --------     ---------     ---------

Balance at March 31, 2001               $  12,478    $1,238,473    $1,250,951
                                         ========     =========     =========






         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.
</TABLE>

                                        5

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

                            STATEMENTS OF CASH FLOWS
                                   (Unaudited)


<TABLE>

                                                        Three months ended
                                                             March 31,
                                                     -------------------------
                                                        2001           2000
                                                     ----------     ----------

<S>                                                  <C>            <C>
Cash flows from operating activities:
  Net income                                         $  200,939     $  171,847
  Adjustments to reconcile net income to net
    cash provided by operating activities:
       Depletion                                         15,577         19,708
  Changes in assets and liabilities:
       Accounts receivable                               39,327            811
       Accounts payable                                     848          3,189
                                                      ---------      ---------
         Net cash provided by operating activities      256,691        195,555
                                                      ---------      ---------
Cash flows from investing activities:
  Additions to oil and gas properties                    (1,480)        (1,883)
  Proceeds from disposition of assets                       524            -
                                                      ---------      ---------
         Net cash used in investing activities             (956)        (1,883)
                                                      ---------      ---------
Cash flows used in financing activities:
  Cash distributions to partners                       (261,441)      (164,763)
                                                      ---------      ---------
Net increase (decrease) in cash                          (5,706)        28,909
Cash at beginning of period                             144,763        129,430
                                                      ---------      ---------
Cash at end of period                                $  139,057     $  158,339
                                                      =========      =========



         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.
</TABLE>

                                        6

<PAGE>



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

                          NOTES TO FINANCIAL STATEMENTS
                                 March 31, 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 March 31, 2001 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, 2000 financial  statements to conform to the
March 31, 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,  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 13% to $326,397 for the three
months ended March 31, 2001 as compared to $288,612 for the same period in 2000.
The increase in revenues resulted from higher average prices received, offset by
a decrease in  production.  For the three  months  ended March 31,  2001,  6,753
barrels of oil,  2,315 barrels of natural gas liquids  ("NGLs") and 8,631 mcf of
gas were  sold,  or 10,507  barrel of oil  equivalents  ("BOEs").  For the three
months ended March 31, 2000,  8,236  barrels of oil,  3,267  barrels of NGLs and


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14,019 mcf of gas were sold,  or 13,840 BOEs.  Of the  decrease,  2,758 BOEs are
attributable to three wells reaching payout pursuant to the terms of the farmout
agreements which reduced the Partnership's net revenue interest in the wells.

The average  price  received per barrel of oil  increased  $3.39,  or 13%,  from
$26.41 for the three  months  ended March 31, 2000 to $29.80 for the same period
in 2001. The average price received per barrel of NGLs increased  $5.63, or 39%,
from  $14.34 for the three  months  ended  March 31, 2000 to $19.97 for the same
period in 2001.  The average price  received per mcf of gas increased  428% from
$1.73  during the three months ended March 31, 2000 to $9.14 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
three months ended March 31, 2001.

Costs and Expenses:

Total costs and expenses  increased to $128,179 for the three months ended March
31, 2001 as compared  to  $118,857  for the same period in 2000,  an increase of
$9,322,  or 8%. The  increase  was  primarily  due to an increase in  production
costs, offset by decreases in depletion and general and administrative  expenses
("G&A").

Production  costs were  $104,442  for the three  months ended March 31, 2001 and
$90,211 for the same period in 2000,  resulting in a $14,231  increase,  or 16%.
The increase in production  costs was primarily due to higher  production  taxes
associated  with  higher  oil and gas prices and  additional  workover  and well
maintenance costs incurred to stimulate well production,  offset by a decline in
lease  operating and  production  taxes  attributable  to the wells that reached
payout pursuant to the terms of the farmout agreements as noted above.

G&A's  components are independent  accounting and engineering  fees and managing
general partner  personnel and  administrative  costs.  During this period,  G&A
decreased 9% from $8,938 for the three months ended March 31, 2000 to $8,160 for
the same period in 2001.

Depletion  was $15,577 for the three  months ended March 31, 2001 as compared to
$19,708 for the same period in 2000, a decrease of $4,131, or 21%. This decrease
was primarily due to a decrease in oil production of 1,483 barrels for the three
months  ended  March 31, 2001  compared to the same period in 2000 and  positive
revisions to proved  reserves  during the three months ended March 31, 2001 as a
result of higher commodity prices.

Liquidity and Capital Resources

Net Cash Provided by Operating Activities

Net cash provided by operating  activities  increased  $61,136  during the three
months  ended  March 31,  2001 from the same period in 2000.  The  increase  was
primarily  attributable  to an increase of $38,414 in oil and gas sales receipts
and reductions of $778 in G&A expenses and $36,175 in working capital, offset by
an increase in production costs of $14,231. The increase in oil and gas receipts
resulted from the increase in commodity prices during 2001 which  contributed an
additional  $150,881 to oil and gas receipts,  offset by $112,467 resulting from

                                        8

<PAGE>



the  decline in  production  during 2001 as compared to the same period in 2000.
The increase in production costs was primarily due to increased production taxes
associated  with  higher  oil and gas prices and  additional  workover  and well
maintenance costs incurred to stimulate well production.

Net Cash Used in Investing Activities

The Partnership's  principal investing  activities during the three months ended
March  31,  2001 and 2000 were for  equipment  upgrades  on  active  oil and gas
properties.

Proceeds from  disposition of assets of $524 recognized  during the three months
ended  March  31,  2001  were  due  to  equipment  credits  received  on  active
properties.

Net Cash Used in Financing Activities

For the three months ended March 31, 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 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.

Proposal to acquire partnerships

On April  18,  2001,  Pioneer  Natural  Resources  Company  ("Pioneer")  filed a
preliminary  proxy  statement  with the SEC  proposing an agreement  and plan of
merger among Pioneer,  Pioneer Natural  Resources USA, Inc.  ("Pioneer  USA"), a
wholly-owned  subsidiary  of Pioneer,  and the  limited  partners of 46 Parker &
Parsley  limited  partnerships.  Pioneer  USA is the  sole or  managing  general
partner of the partnerships.  The preliminary proxy statement is non-binding and
is subject to, among other things, consideration of offers from third parties to
purchase any  partnership  or its assets,  the majority  approval of the limited
partners in each  partnership  and the  resolution  of SEC review  comments.  If
approved,  Pioneer  anticipates  closing the mergers during the third quarter of
2001.

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

(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.



                                        9

<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:  May 9, 2001              By:      /s/ Rich Dealy
                                          ----------------------------------
                                          Rich Dealy, Vice President
                                            and Chief Accounting Officer


                                       10

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