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


                                    FORM 10-Q


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

                For the quarterly period ended September 30, 1997

                                       or

  /   /         Transition Report Pursuant to Section 13 or 15(d)
                     of the Securities Exchange Act of 1934
                For the transition period from _______ to _______

                         Commission File No. 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)

303 West Wall, Suite 101, Midland, Texas                       79701
(Address of principal executive offices)                     (Zip code)


       Registrant's Telephone Number, including area code : (915) 683-4768

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

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

                                Yes / x / No / /

                               Page 1 of 11 pages.
                            Exhibit index on page 10.


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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 September 30, 1997 and
              December 31, 1996   ....................................    3

           Statements of Operations for the three and nine
             months ended September 30, 1997 and 1996.................    4

           Statement of Partners' Capital for the nine months
             ended September 30, 1997.................................    5

           Statements of Cash Flows for the nine months ended
             September 30, 1997 and 1996..............................    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.   Financial Data Schedule

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



                                        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

                                                  September 30,    December 31,
                                                      1997             1996
                                                  ------------     -----------
                                                  (Unaudited)
                 ASSETS

Current assets:
  Cash and cash equivalents, including interest
     bearing deposits of $148,528 at September
     30 and $106,356 at December 31               $    148,928     $   106,856
  Accounts receivable - oil and gas sales               86,805         210,757
                                                   -----------      ----------
          Total current assets                         235,733         317,613
                                                   -----------      ----------
Oil and gas properties - at cost, based on the
  successful efforts accounting method               7,114,408       7,107,384
Accumulated depletion                               (4,712,019)     (4,576,529)
                                                   -----------      ----------
          Net oil and gas properties                 2,402,389       2,530,855
                                                   -----------      ----------
                                                  $  2,638,122     $ 2,848,468
                                                   ===========      ==========

    LIABILITIES AND PARTNERS' CAPITAL

Current liabilities:
  Accounts payable - affiliate                    $      33,076    $    22,500

Partners' capital:
  Managing general partner                               26,019         28,229
  Limited partners (8,954 interests)                  2,579,027      2,797,739
                                                   ------------     ----------
                                                      2,605,046      2,825,968
                                                   ------------     ----------
                                                  $   2,638,122    $ 2,848,468
                                                   ============     ==========


The financial information included as of September 30, 1997 has been prepared by
           management without audit by independent public accountants.

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

                                        3

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

                            STATEMENTS OF OPERATIONS
                                   (Unaudited)



                                    Three months ended     Nine months ended
                                       September 30,          September 30,
                                  ---------------------   ---------------------
                                     1997       1996         1997       1996
                                  ---------   ---------   ---------   ---------
Revenues:
   Oil and gas                    $ 163,768   $ 251,519   $ 602,188   $ 734,451
   Interest                           2,340       2,250       6,878       5,822
                                   --------    --------    --------    --------
                                    166,108     253,769     609,066     740,273
                                   --------    --------    --------    --------
Costs and expenses:
   Oil and gas production            99,377     109,127     304,817     306,417
   General and administrative         4,813       7,546      18,066      22,034
   Depletion                         41,858      46,174     135,490     156,356
   Loss on disposition of assets        -           -           -           951
   Abandoned property                   -            17         -           348
                                   --------    --------    --------    --------
                                    146,048     162,864     458,373     486,106
                                   --------    --------    --------    --------
Net income                        $  20,060   $  90,905   $ 150,693   $ 254,167
                                   ========    ========    ========    ========
Allocation of net income:
   Managing general partner       $     201   $     910   $   1,507   $   2,542
                                   ========    ========    ========    ========
   Limited partners               $  19,859   $  89,995   $ 149,186   $ 251,625
                                   ========    ========    ========    ========
Net income per limited
   partnership interest           $    2.22   $   10.05   $   16.66   $   28.10
                                   ========    ========    ========    ========
Distributions per limited
   partnership interest           $   10.56   $   14.22   $   41.09   $   39.63
                                   ========    ========    ========    ========


         The financial information included herein has been prepared by
           management without audit by independent public accountants.

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

                                        4

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

                         STATEMENT OF PARTNERS' CAPITAL
                                   (Unaudited)




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

Balance at January 1, 1997         $  28,229     $2,797,739     $2,825,968

    Distributions                     (3,717)      (367,898)      (371,615)

    Net income                         1,507        149,186        150,693
                                    --------      ---------      ---------

Balance at September 30, 1997      $  26,019     $2,579,027     $2,605,046
                                    ========      =========      =========


         The financial information included herein has been prepared by
           management without audit by independent public accountants.

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

                                        5

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

                            STATEMENTS OF CASH FLOWS
                                   (Unaudited)



                                                          Nine months ended
                                                            September 30,
                                                      ------------------------
                                                          1997          1996
                                                      ----------    ----------
Cash flows from operating activities:
   Net income                                         $  150,693    $  254,167
   Adjustments to reconcile net income to net
      cash provided by operating activities:
         Depletion                                       135,490       156,356
         Loss on disposition of assets                       -             951
   Changes in assets and liabilities:
         (Increase) decrease in accounts receivable      123,952       (13,740)
         Increase (decrease) in accounts payable          10,576        (9,489)
                                                       ---------     ---------
           Net cash provided by operating activities     420,711       388,245
                                                       ---------     ---------
Cash flows from investing activities:
   Additions to oil and gas properties                    (7,024)          -
   Proceeds from disposition of assets                       -           3,847
                                                       ---------     ---------
           Net cash provided by (used in) investing
             activities                                   (7,024)        3,847
                                                       ---------     ---------
Cash flows from financing activities:
   Cash distributions to partners                       (371,615)     (358,449)
                                                       ---------     ---------
Net increase in cash and cash equivalents                 42,072        33,643
Cash and cash equivalents at beginning of period         106,856       126,330
                                                       ---------     ---------
Cash and cash equivalents at end of period            $  148,928    $  159,973
                                                       =========     =========



         The financial information included herein has been prepared by
           management without audit by independent public accountants.

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

                                        6

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

                          NOTES TO FINANCIAL STATEMENTS
                               September 30, 1997
                                   (Unaudited)

Note 1.     Basis of presentation

In the opinion of  management,  the unaudited  financial  statements of Parker &
Parsley  88-B,  L.P.  (the  "Partnership")  as of September 30, 1997 and for the
three and nine months ended  September 30, 1997 and 1996 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  information  and  footnote  disclosure  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, 1996, as filed with the Securities and Exchange Commission,  a copy
of which is available upon request by writing to Rich Dealy,  Vice President and
Controller, 303 West Wall, Suite 101, Midland, Texas 79701.

Item 2.     Management's Discussion and Analysis of Financial Condition
              and Results of Operations (1)

As of August 8, 1997, Pioneer Natural Resources USA, Inc. ("Pioneer USA") became
the  general  partner  of  the  Partnership.   Prior  to  August  8,  1997,  the
Partnership's general partner was Parker & Parsley Development L.P. ("PPDLP"), a
wholly-owned  subsidiary  of  Parker &  Parsley  Petroleum  Company  ("Parker  &
Parsley").  On  August  7,  1997,  Parker  &  Parsley  and  Mesa  Inc.  received
shareholder  approval  to merge and create  Pioneer  Natural  Resources  Company
("Pioneer").  On August 8, 1997,  PPDLP was merged with and into  Pioneer USA, a
wholly-owned  subsidiary  of  Pioneer,  resulting  in Pioneer USA  becoming  the
general  partner of the Partnership as PPDLP's  successor by merger.  For a more
complete description of the Parker & Parsley and Mesa Inc. merger, see Pioneer's
Registration  Statement  on Form S-4 as filed  with the  Securities  &  Exchange
Commission.

Results of Operations

Nine months ended September 30, 1997 compared with nine months ended
  September 30, 1996

Revenues:

The Partnership's  oil and gas revenues  decreased 18% to $602,188 from $734,451
for the nine  months  ended  September  30,  1997 as compared to the nine months
ended  September  30, 1996.  The decrease in revenues  resulted from declines in
barrels  of oil and mcf of gas  produced  and  sold  and a lower  average  price

                                        7

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received per barrel of oil, offset by a higher average price received per mcf of
gas. For the nine months ended  September 30, 1997,  23,297  barrels of oil were
sold  compared  to 27,480  for the same  period  in 1996,  a  decrease  of 4,183
barrels, or 15%. For the nine months ended September 30, 1997, 63,389 mcf of gas
were sold  compared to 74,685 for the same period in 1996,  a decrease of 11,296
mcf,  or  15%.  The  production   volume  decreases  were  due  to  the  decline
characteristics  of the Partnership's  oil and gas properties.  Because of these
characteristics, management expects a certain amount of decline in production to
continue in the future until the Partnership's economically recoverable reserves
are fully depleted.

The average price received per barrel of oil decreased $1.11, or 5%, from $20.65
for the nine months  ended  September  30, 1996 to $19.54 for the same period in
1997,  while the average  price  received per mcf of gas increased 4% from $2.23
during the nine months  ended  September  30, 1996 to $2.32 in 1997.  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, 1997.

Costs and Expenses:

Total  costs and  expenses  decreased  to  $458,373  for the nine  months  ended
September  30,  1996 as compared  to  $486,106  for the same  period in 1996,  a
decrease of  $27,733,  or 6%. This  decrease  was due to declines in  depletion,
general  and  administrative   expenses  ("G&A"),   production  costs,  loss  on
disposition of assets and abandoned property costs.

Production  costs were $304,817 for the nine months ended September 30, 1997 and
$306,417  for the same  period  in 1996,  resulting  in a $1,600  decrease.  The
decrease  was due to lower  production  taxes paid due to the decline in oil and
gas sales, offset by higher workover expenses incurred in an effort to stimulate
well production.

G&A's  components are independent  accounting and engineering  fees and managing
general  partner  personnel  and  operating  costs.   During  this  period,  G&A
decreased,  in aggregate,  18% from $22,034 for the nine months ended  September
30,  1996 to $18,066  for the same  period in 1997.  The  Partnership  agreement
limits G&A to 3% of gross oil and gas revenues.

Depletion was $135,490 for the nine months ended  September 30, 1997 compared to
$156,356  for the same period in 1996,  representing  a decrease of $20,866,  or
13%. The decrease was primarily attributable to the decline in oil production of
4,183  barrels for the nine months ended  September  30, 1997 as compared to the
same period in 1996.

A loss on disposition  of assets of $951 was  recognized  during the nine months
ended September 30, 1996. This loss resulted from the abandonment of a saltwater
disposal well.  Abandoned  property costs incurred on this well totaled $348 for
the nine months ended September 30, 1996.

                                        8

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Three months ended September 30, 1997 compared with three months ended September
  30, 1996

Revenues:

The Partnership's  oil and gas revenues  decreased 35% to $163,768 from $251,519
for the three  months ended  September  30, 1997 as compared to the three months
ended  September  30, 1996.  The decrease in revenues  resulted from declines in
barrels  of oil and mcf of gas  produced  and  sold  and  lower  average  prices
received per barrel of oil and mcf of gas. For the three months ended  September
30, 1997,  7,022  barrels of oil were sold compared to 9,143 for the same period
in 1996,  a  decrease  of 2,121  barrels,  or 23%.  For the three  months  ended
September 30, 1997,  21,315 mcf of gas were sold compared to 26,453 for the same
period in 1996, a decrease of 5,138 mcf, or 19%. The production volume decreases
were  due to the  decline  characteristics  of the  Partnership's  oil  and  gas
properties.

The average  price  received per barrel of oil  decreased  $3.40,  or 16%,  from
$21.43 for the three  months  ended  September  30,  1996 to $18.03 for the same
period in 1997,  while the average  price  received per mcf of gas decreased 17%
from $2.10 during the three months ended September 30, 1996 to $1.74 in 1997.

Costs and Expenses:

Total costs and  expenses  decreased  to  $146,048  for the three  months  ended
September  30,  1997 as compared  to  $162,864  for the same  period in 1996,  a
decrease of $16,816,  or 10%.  This  decrease was due to a decline in production
costs, depletion, G&A and abandoned property costs.

Production  costs were $99,377 for the three months ended September 30, 1997 and
$109,127 for the same period in 1996 resulting in a $9,750 decrease,  or 9%. The
decrease was primarily due to lower well maintenance costs.

G&A's  components are independent  accounting and engineering  fees and managing
general  partner  personnel  and  operating  costs.   During  this  period,  G&A
decreased,  in aggregate,  36% from $7,546 for the three months ended  September
30, 1996 to $4,813 for the same period in 1997.

Depletion was $41,858 for the three months ended  September 30, 1997 compared to
$46,174 for the same period in 1996,  representing a decrease of $4,316,  or 9%,
primarily  attributable  to a decline in oil production of 2,121 barrels for the
three  months ended  September  30, 1997 as compared to the same period in 1996,
offset by a decrease  in oil  reserves  during the third  quarter of 1997 due to
lower commodity prices.

Liquidity and Capital Resources

Net Cash Provided by Operating Activities

Net cash  provided by operating  activities  increased  $32,466  during the nine
months ended  September 30, 1997 from the same period ended  September 30, 1996.

                                        9

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This  increase  was  due to an  increase  in oil and gas  sales  receipts  and a
decrease in production costs paid, offset by an increase in G&A expenses paid.

Net Cash Provided by (Used in) Investing Activities

The  Partnership's  investing  activities during the nine months ended September
30,  1997 and 1996 were  related to the  replacement  or disposal of oil and gas
equipment on active properties.

Net Cash Used in Financing Activities

Cash was  sufficient  for the nine  months  ended  September  30,  1997 to cover
distributions to the partners of $371,615 of which $3,717 was distributed to the
managing  general  partner and  $367,898 to the limited  partners.  For the same
period ended  September 30, 1996, cash was sufficient for  distributions  to the
partners of $358,449 of which $3,585 was  distributed  to the  managing  general
partner and $354,864 to the limited partners.

It is expected  that future net cash  provided by operating  activities  will be
sufficient for any capital expenditures and any distributions. As the production
from the properties declines, distributions are also expected to decrease.

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

(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.   Financial Data Schedule

(b)    Reports on Form 8-K - none





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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:  November 13, 1997        By:      /s/ Rich Dealy
                                          ----------------------------------
                                          Rich Dealy, Vice President and
                                            Controller



                                       11

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