Systems and methods are provided for performing hydrocarbon reforming within a reverse flow reactor environment (or another reactor environment with flows in opposing directions) while improving management of CO2 generated during operation of the reactor. The improved management of CO2 is achieved by making one or more changes to the operation of the reverse flow reactor. The changes can include using an air separation unit to provide an oxygen source with a reduced or minimized content of nitrogen and/or operating the reactor at elevated pressure during the regeneration stage. By operating the regeneration at elevated pressure, a regeneration flue gas can be generated that is enriched in CO2 at elevated pressure. The CO2-enriched stream can include primarily water as a contaminant, which can be removed by cooling while substantially maintaining the pressure of the stream. This can facilitate subsequent recovery and use of the CO2.