After opening with two pars, Palmer had two eagles and seven birdies on the next nine holes for the longest eagle-birdie streak in PGA Tour history.
Needing to play the final eight holes in 3 under to shoot 59, he bogeyed Nos. 2 and 3. He birdied the fourth, sixth and eighth holes and closed with a par.
The Texan eagled the par-4 12th to start the streak on PGA West's Jack Nicklaus Private Course. He birdied the next three, eagled the par-5 16th and added three more birdies.
Palmer was at 12-under 132, leaving him three strokes behind leader Matt Kuchar.
Kuchar shot 64 on the Nicklaus course.
