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 June 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. 333-26951


                        PIONEER NATURAL RESOURCES COMPANY
             (Exact name of Registrant as specified in its charter)


                         Delaware                           75-2702753
               (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 / /


Number of shares of Common Stock outstanding
  as of August 1, 1997..................................................... 100


                               Page 1 of 9 pages.

                             Exhibit index on page 9



<PAGE>



                        PIONEER NATURAL RESOURCES COMPANY

                                TABLE OF CONTENTS




                                                                        Page
                                                                        ----

                          PART I. FINANCIAL INFORMATION


Item 1.    Financial Statements

           Balance Sheet as of June 30, 1997   .........................  3

           Statement of Cash Flows for the six months
             ended June 30, 1997........................................  4

           Notes to Financial Statements................................  5


Item 2.    Management's Discussion and Analysis of Financial
             Condition and Results of Operations........................  6



                      PART II. OTHER INFORMATION


Item 6.    Exhibits and Reports on Form 8-K.............................  7

           Signatures...................................................  8

           Exhibit Index................................................  9


                                        2


<PAGE>




                          PART I. FINANCIAL INFORMATION



Item 1.     Financial Statements

                        PIONEER NATURAL RESOURCES COMPANY

                                  BALANCE SHEET





                                                               June 30,
                                                                 1997
                                                              -----------
                                                              (Unaudited)

                                     ASSETS

Cash and cash equivalents                                     $     1,000
                                                               ==========




                              STOCKHOLDER'S EQUITY

Stockholder's equity:
  Preferred stock, $.01 par value; 100,000,000 shares
    authorized; none issued and outstanding                   $       -
  Common stock, $.01 par value; 500,000,000 shares
    authorized; 100 shares issued and outstanding at
    June 30, 1997                                                       1
  Additional paid-in capital                                          999
                                                               ----------
                                                              $     1,000
                                                               ==========









   The financial information included as of June 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


<PAGE>



                        PIONEER NATURAL RESOURCES COMPANY

                             STATEMENT OF CASH FLOWS
                                   (Unaudited)





                                                           Six months ended
                                                            June 30, 1997
                                                           ----------------
Cash flows from financing activities:
  Issuance of common stock                                    $   1,000
                                                               --------

Cash and cash equivalents, end of period                      $   1,000
                                                               ========






         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


<PAGE>



                        PIONEER NATURAL RESOURCES COMPANY


                          NOTES TO FINANCIAL STATEMENTS
                                  June 30, 1997
                                   (Unaudited)



NOTE A.     Organization and Nature of Operations

Pioneer Natural Resources Company (the "Company"),  a Delaware corporation,  was
formed in order to complete the merger  proposed by and between Parker & Parsley
Petroleum Company ("Parker & Parsley") and Mesa Inc.  ("Mesa").  The Company was
originally  created as a wholly-owned  subsidiary of Mesa, a Texas  corporation,
the  purpose  of  which  was to  allow  Mesa to  reincorporate  into a  Delaware
corporation  and to accomplish  the merger with Parker & Parsley.  Both Parker &
Parsley  and Mesa  are oil and gas  exploration  and  production  concerns  with
ownership  interests  in oil  and  gas  properties  located  principally  in the
MidContinent,  Southwestern  and onshore and offshore  Gulf Coast regions of the
United States, and with limited international  interests.  During the six months
ended June 30, 1997, the  transactions  of the Company  consisted  solely of the
single stock issuance related to the capitalization of the Company.

NOTE B.     Subsequent Event

On April 6, 1997, Parker & Parsley and Mesa entered into an Amended and Restated
Agreement and Plan of Merger (the "Merger  Agreement") which was approved by the
stockholders  of both  companies on August 7, 1997 by a majority  vote of 76% by
Parker & Parsley  stockholders  and 71%, 58%, and 100% by holders of Mesa common
stock,  Mesa  Series A  Preferred  Stock  and Mesa  Series  B  Preferred  Stock,
respectively.  The Merger Agreement provided for (i) the merger of Mesa with and
into the Company, a wholly-owned  subsidiary of Mesa, as a result of which Mesa,
which is a Texas corporation,  reincorporated  into Delaware and (ii) the merger
of Parker & Parsley with and into Mesa Operating Co., a wholly-owned  subsidiary
of Mesa.  In  accordance  with the  Merger  Agreement,  (i)  holders of Parker &
Parsley  common stock  received one share of Company common stock for each share
held;  (ii)  holders of Mesa common stock  received one share of Company  common
stock  for every  seven  shares  held;  and (iii)  holders  of Mesa  Series A 8%
Cumulative   Convertible  Preferred  Stock  and  Mesa  Series  B  8%  Cumulative
Convertible  Preferred  Stock  received 1.25 shares of Pioneer  common stock for
every seven shares held. No fractional shares were issued.

In  accordance  with the  provisions  of  Accounting  Principles  Board No.  16,
"Business Combinations", the merger has been accounted for as a purchase of Mesa
by Parker & Parsley. As a result, after the merger is completed,  the historical
financial  statements for the Company will be those of Parker & Parsley, and the
Company's  financial  statements  will present the addition of Mesa's assets and
liabilities  as an  acquisition  by Parker &  Parsley.  The  aggregate  purchase
consideration related to the assets and liabilities of Mesa, including estimated
nonrecurring merger transaction costs, is $985.9 million.


                                        5


<PAGE>



                        PIONEER NATURAL RESOURCES COMPANY




I
tem 2.     Management's Discussion and Analysis of Financial Condition and
              Results of Operations

General

Pioneer Natural Resources Company (the "Company"),  a Delaware corporation,  was
formed in order to complete the merger  proposed by and between Parker & Parsley
Petroleum Company ("Parker & Parsley") and Mesa Inc.  ("Mesa").  The Company was
originally  created as a wholly-owned  subsidiary of Mesa, a Texas  corporation,
the  purpose  of  which  was to  allow  Mesa to  reincorporate  into a  Delaware
corporation  and to accomplish  the merger with Parker & Parsley.  Both Parker &
Parsley  and Mesa  are oil and gas  exploration  and  production  concerns  with
ownership  interests  in oil  and  gas  properties  located  principally  in the
MidContinent,  Southwestern  and onshore and offshore  Gulf Coast regions of the
United States, and with limited international  interests.  During the six months
ended June 30, 1997, the  transactions  of the Company  consisted  solely of the
single stock issuance  related to the  capitalization  of the company,  and such
results,  as  reflected  in  the  accompanying  financial  statements,  are  not
indicative of the future results of the Company.

On April 6, 1997, Parker & Parsley and Mesa entered into an Amended and Restated
Agreement and Plan of Merger (the "Merger  Agreement") which was approved by the
stockholders  of both  companies on August 7, 1997 by a majority  vote of 76% by
Parker & Parsley  stockholders  and 71%, 58%, and 100% by holders of Mesa common
stock,  Mesa  Series A  Preferred  Stock  and Mesa  Series  B  Preferred  Stock,
respectively.  The Merger Agreement provided for (i) the merger of Mesa with and
into the Company, a wholly-owned  subsidiary of Mesa, as a result of which Mesa,
which is a Texas corporation,  reincorporated  into Delaware and (ii) the merger
of Parker & Parsley with and into Mesa Operating Co., a wholly-owned  subsidiary
of Mesa.  In  accordance  with the  Merger  Agreement,  (i)  holders of Parker &
Parsley  common stock  received one share of Company common stock for each share
held;  (ii)  holders of Mesa common stock  received one share of Company  common
stock  for every  seven  shares  held;  and (iii)  holders  of Mesa  Series A 8%
Cumulative   Convertible  Preferred  Stock  and  Mesa  Series  B  8%  Cumulative
Convertible  Preferred  Stock  received 1.25 shares of Company  common stock for
every seven shares held. No fractional shares were issued.

In  accordance  with the  provisions  of  Accounting  Principles  Board No.  16,
"Business Combinations", the merger has been accounted for as a purchase of Mesa
by Parker & Parsley. As a result, after the merger is completed,  the historical
financial  statements for the Company will be those of Parker & Parsley, and the
Company's  financial  statements  will present the addition of Mesa's assets and
liabilities  as an  acquisition  by Parker &  Parsley.  The  aggregate  purchase
consideration related to the assets and liabilities of Mesa, including estimated
nonrecurring merger transaction costs, is $985.9 million.



                                        6


<PAGE>



                        PIONEER NATURAL RESOURCES COMPANY




 
                          PART II. OTHER INFORMATION




Item 6.     Exhibits and Reports on Form 8-K

Exhibits

    2.1  Amended and Restated  Agreement and Plan of Merger dated as of April 6,
         1997,  by  and  between  among  Mesa  Inc.,  Mesa  Operating  Co.,  MXP
         Reincorporation   Corp.   and  Parker  &  Parsley   Petroleum   Company
         (incorporated  by reference to Exhibit 2.1 to Pioneer's  Form S-4 dated
         June 27, 1997, Registration No. 333-26951).

    3.1  Amended and Restated  Certificate of  Incorporation  of Pioneer Natural
         Resources  Company   (incorporated  by  reference  to  Exhibit  3.1  to
         Pioneer's Form S-4 dated June 27, 1997, Registration No. 333-26951).

    3.2  Amended and Restated  Bylaws of Pioneer  Natural  Resources  Company as
         adopted  June 24, 1997  (incorporated  by  reference  to Exhibit 3.2 to
         Pioneer's Form S-4 dated June 27, 1997, Registration No. 333-26951).

    4.1  Specimen  Stock  Certificate  for  the  Common Stock of Pioneer Natural
         Resources  Company   (incorporated  by  reference  to  Exhibit  4.1  to
         Pioneer's Form S-4 dated June 27, 1997, Registration No. 333-26951).

    4.2  Certificate  of  Designations  of  Series A 8%  Cumulative  Convertible
         Preferred Stock of Pioneer Natural Resources  Company  (incorporated by
         reference  to Exhibit 4.2 to  Pioneer's  Form S-4 dated June 27,  1997,
         Registration No.
         333-26951).

    4.3  Specimen Stock  Certificate for the Series A 8% Cumulative  Convertible
         Preferred Stock of Pioneer Natural Resources  Company  (incorporated by
         reference  to Exhibit 4.3 to  Pioneer's  Form S-4 dated June 27,  1997,
         Registration No. 333-26951).

    4.4  Form of Certificate of Designations  of Series B Convertible  Preferred
         Stock of Pioneer Natural Resources  Company  (incorporated by reference
         to Exhibit 4.4 to Pioneer's Form S-4 dated June 27, 1997,  Registration
         No.
         333-26951).

    4.5  Specimen Stock Certificate for the Series B Convertible Preferred Stock
         of Pioneer  Natural  Resources  Company  (incorporated  by reference to
         Exhibit 4.5 to Pioneer's Form S-4 dated June 27, 1997, Registration No.
         333-26951).

    27.   Financial Data Schedule

Reports on Form 8-K

None


                                        7


<PAGE>



                        PIONEER NATURAL RESOURCES COMPANY



                               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 thereto duly authorized.


                                      PIONEER NATURAL RESOURCES COMPANY

 




Date:     August 14, 1997           By:     /s/ Scott D. Sheffield
                                          -------------------------------------
                                          Scott D. Sheffield
                                          President and Chief Executive Officer





                                        8


<PAGE>


                        PIONEER NATURAL RESOURCES COMPANY



Exhibit Index

                                                                         Page
                                                                         ----

    2.1  Amended and Restated Agreement and Plan of Merger dated as
         of April 6, 1997, by and between among Mesa Inc., Mesa
         Operating  Co., MXP Reincorporation Corp. and Parker &
         Parsley Petroleum Company (incorporated  by reference to
         Exhibit 2.1 to Pioneer's  Form S-4 dated June 27, 1997,
         Registration No. 333-26951).

    3.1  Amended and Restated Certificate of Incorporation of
         Pioneer Natural Resources Company (incorporated by
         reference to Exhibit 3.1 to Pioneer's Form S-4 dated
         June 27, 1997, Registration No. 333-26951).

    3.2  Amended and Restated  Bylaws of Pioneer Natural Resources
         Company as adopted June 24, 1997 (incorporated by reference
         to Exhibit 3.2 to Pioneer's Form S-4 dated June 27, 1997,
         Registration No. 333-26951).

    4.1  Specimen Stock Certificate for the Common Stock of Pioneer
         Natural Resources Company (incorporated by reference to
         Exhibit 4.1 to Pioneer's Form S-4 dated June 27, 1997,
         Registration No. 333-26951).

    4.2  Certificate of Designations of Series A 8% Cumulative
         Convertible Preferred Stock of Pioneer Natural Resources
         Company (incorporated by reference to Exhibit 4.2 to
         Pioneer's Form S-4 dated June 27, 1997, Registration No.
         333-26951).

    4.3  Specimen Stock Certificate for the Series A 8% Cumulative
         Convertible Preferred Stock of Pioneer Natural Resources
         Company (incorporated by reference to Exhibit 4.3 to
         Pioneer's Form S-4 dated June 27, 1997, Registration No.
         333-26951).

    4.4  Form of Certificate of Designations of Series B Convertible
         Preferred Stock of Pioneer Natural Resources Company
         (incorporated by reference to Exhibit 4.4 to Pioneer's
         Form S-4 dated June 27, 1997, Registration No. 333-26951).

    4.5  Specimen Stock Certificate for the Series B Convertible
         Preferred Stock of Pioneer Natural Resources Company
         (incorporated by reference to Exhibit 4.5 to Pioneer's
         Form S-4 dated June 27, 1997, Registration No. 333-26951).

    27.   Financial Data Schedule







                                        9


<PAGE>








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