Fresh and used, unpromoted and noble metal-promoted 15% Co/Al2O3 catalysts were analyzed by XANES and EXAFS to provide insight into catalyst deactivation. XANES analysis of the catalysts gave evidence of oxidation of a fraction of the cobalt clusters by water produced during the reaction. Comparison of XANES derivative spectra to those of reference materials, as well as linear combination fitting with the reference data, suggest that some form of cobalt aluminate species was formed. Because bulk oxidation of cobalt by water is not permitted thermodynamically under normal Fischer-Tropsch synthesis (FTS) conditions, it is concluded that the smaller clusters interacting with the support deviate from bulk-like cobalt metal behavior and these may undergo oxidation in the presence of water. However. in addition to the evidence for reoxidation, EXAFS indicated that significant cobalt cluster growth took place during the initial deactivation period. Promotion with Ru or Pt allowed for the reduction of cobalt species interacting with the support, yielding a greater number of active sites and, therefore, a higher initial catalyst activity on a per gram catalyst basis. However, these additional smaller cobalt clusters that were reduced in the presence of the noble metal promoter, deviated more from bulk-like cobalt, and were therefore, more unstable and susceptible to both sintering and reoxidation processes. The latter process was likely in part due to the higher water partial pressures produced from the enhanced activity. The rate of deactivation was therefore faster for these promoted catalysts.