Dewaxed fuel and lubricant base stocks are made by (a) producing a synthesis gas from natural gas, (b) reacting the H.sub.2 and CO in the gas in the presence of a cobalt Fischer-Tropsch catalyst, at reaction conditions effective to synthesize a waxy hydrocarbon feed boiling in the fuel and lubricant oil ranges, which is hydrodewaxed in a first stage to produce a dewaxed fuel and a partially dewaxed lubricant fraction. The partially dewaxed lubricant fraction is separated into heavy and lower boiling fractions each of which is separately hydrodewaxed, to produce lubricant base stocks. A hydrodewaxing catalyst comprising a hydrogenation component, binder and solid acid component used to hydrodewax at least one, and preferably at least two of the waxy feed and partially dewaxed heavy and lower boiling lubricant fractions.