Abstract: A catalyst for a slurry reactor Fischer-Tropsch conversion process utilizing novel catalysts comprising cobalt promoted with zirconium, molybdenum or zirconium and molybdenum and on a small diameter alumina support. The catalysts have been found to be highly selective for production of liquid hydrocarbons while minimizing production of less desirable oxygen-containing products such as alcohols. The preferred catalysts contain from about 5% to 35% cobalt and from about 0.1% to 10% zirconium or zirconium and molybdenum. The preferred process is carried out in a one or more slurry bubble column reactor stagesin series.