A gas conversion process in which both hydrocarbons and hydrogen are produced from a synthesis gas feed which comprises a mixture of H.sub.2 and CO, uses hydrogen from a portion of the feed for one or more of (i) hydrocarbon synthesis catalyst rejuvenation and (ii) hydroconversion upgrading of at least a portion of the synthesized hydrocarbons. Hydrogen is produced from a slipstream of the synthesis gas fed into the hydrocarbon synthesis reactor by one or more of (i) physical separation means such as pressure swing adsorption and (ii) chemical means such as a water gas shift reactor. If a shift reactor is used due to insufficient capacity of the synthesis gas generator, physical separation means such as pressure swing adsorption will still be used to separate a pure stream of hydrogen from the shift reactor gas effluent.