Disclosed is a method of forming a hybrid Fischer-Tropsch catalyst extrudate for use in synthesis gas conversion reactions. The method includes extruding a mixture of ruthenium loaded metal oxide support particles, particles of an acidic component and a binder sol to form an extrudate. The resulting extrudate contains from about 0.1 to about 15 weight percent ruthenium based on the weight of the extrudate. In a synthesis gas conversion reaction, the extrudate is contacted with a synthesis gas having a H2 to CO molar ratio of 0.5 to 3.0 at a reaction temperature of 160° C. to 300° C., a total pressure of 3 to 35 atmospheres, and an hourly space velocity of 5 to 10,000 v/v/hour, resulting in hydrocarbon products containing 1-15 weight % CH4; 1-15 weight % C2-C4; 70-95 weight % C5+; 0-5 weight % C21+ normal paraffins; and 0-10 weight % aromatic hydrocarbons.