Crude shale oil produced by gas combustion retorting of Green River oil shale was hydrocracked over a cobalt molybdate catalyst at operating pressures of 500, 1,000, 1,500, and 3,000 psig, an operating temperature of 890 deg f, and a liquid hourly space velocity of 1.0. Hydrogen feed rate was maintained at 6,000 scf/bbl. The volume-percent yields of total liquid product were directly proportional to the operating pressure. Weight-percent conversion and volume-percent yields of gasoline were directly proportional to the log of the operating pressure. Catalyst deposit percentages were inversely proportional to the log of the operating pressure. Nitrogen and sulfur removal rates as well as saturation of the liquid products increased as the operating pressure was increased.