In a process for upgrading paraffins and olefins, a first feed comprising C14− olefins is contacted with an oligomerization catalyst in a first reaction zone under conditions effective for oligomerization of olefins to higher molecular weight hydrocarbons. Deactivated catalyst is removed from the first reaction zone at a first temperature and is contacted with an oxygen-containing gas and a hydrocarbon-containing fuel in a regeneration zone to regenerate the catalyst and raise the temperature of the catalyst to a second, higher temperature. A second feed comprising C14− paraffins is contacted with the regenerated catalyst in a second reaction zone to convert at least some of the paraffins in the second feed to a reaction effluent comprising olefins, aromatic hydrocarbons and regenerated catalyst; and the reaction effluent is supplied to the first reaction zone. A system for performing such a process and a product of such a process are also provided.