Catalytic fast pyrolysis (CFP) bio-oils with different organic oxygen contents (4-18 wt%) were prepared in a bench-scale dual fluidized bed reactor system by ex situ CFP of southern pine over HZSM-5, and the oils were subsequently hydrotreated over a sulfided CoMo catalyst at 170 bar. The goal was to determine the impact of the CFP oil oxygen content on hydrotreating requirements. The CFP oils with higher oxygen contents included a variety of oxygenates (phenols, methoxyphenols, carbonyls, anhydrosugars) whereas oxygenates in the 4 wt% oxygen oil were almost exclusively phenols. Phenols were the most recalcitrant oxygenates during hydrotreating as well, and the hydrotreated oils consisted mainly of aromatic and partially saturated ring hydrocarbons. The temperature required to produce oil with <
1% oxygen was approximately 350 �C for the CFP oil with the lowest oxygen content whereas temperatures around 400 �C were required for the other CFP oils. The carbon efficiency during hydrotreating slightly decreased as the CFP oil oxygen content increased but remained above 90% in all cases, and the carbon efficiency for the integrated process was dominated by the efficiency of the CFP process. In conclusion, a preliminary technoeconomic evaluation suggested that with the current zeolite-based CFP catalysts, it is economically beneficial to preserve carbon during CFP, at the expense of higher oxygen contents in the CFP oil.