Process for reforming a hydrocarbon feedstock comprising paraffins and naphthenes. A hydrocarbon feedstock is contacted with a first reforming catalyst in a first reactor at a temperature and pressure that facilitates conversion of naphthenes to aromatics while converting less than 50 wt. % of paraffins in the feedstock to olefins, thereby producing a first effluent that is separated into a first fraction that is enriched in aromatics and a second fraction that is enriched in paraffins. The second fraction is contacted with a second reforming catalyst in a second reactor at a temperature and pressure that converts at least 50 wt. % of paraffins in the second fraction to olefins. The process produces a liquid hydrocarbon reformate product suitable for use as a blend component of a liquid transportation fuel.