Abstract: A process for producing a dehydrogenated hydrocarbon product stream by catalytically dehydrogenating a feed stream is disclosed. The process utilizes a plurality of dehydrogenation catalyst-filled tubes in a furnace with all of the tubes connected in parallel to a common product outlet conduit, so that the effluent of all of the tubes is contained in a common product stream. Essentially continuous regeneration of the dehydrogenation catalyst, is achieved by cyclically contacting a portion of the catalyst with an admixture of oxygen-containing regeneration gas and diluent while contacting the remaining portion of the catalyst with an admixture of hydrocarbon feed material and diluent, and wherein free hydrogen is added to react with the oxygen-containing regeneration effluent gas before the oxygen-containing effluent gas enters the product stream.