Cracking reactions of a Gippsland reduced crude have been investigated at 520-degrees-C over HY and HZSM-5. Gasolines with similar characteristics can be obtained on both zeolites, although the mechanistic routes to these products are quite distinct. Changes in aromatic product selectivities are consistent with the zeolite pore geometries. Minor quantities of aromatics are formed via hydrogen transfer processes involving product olefins and naphthenes over the faujasite and the cyclisation (and to a lesser extent oligomerisation) cf olefinic species on the pentasil. Dehydrogenation of naphthenic species in the feedstock is also important for aromatic formation. While paraffins are formed via hydrogen transfer processes together with cracking and isomerisation of feed paraffins on HY, only the latter route can explain formation of saturated species on HZSM-5. The removal of linear paraffins from the GRC was traced as a function of conversion on HY. It was found that the relative reactivity of the linear paraffins increased monotonically with paraffin chain length.