Catalyst compositions including a compound of the following general formula (I): MoVaNbbPtcMdZeOx  (I) a is a number having a value between about 0.15 and about 0.50, b is a number having a value between about 0.05 and about 0.30, c is a number having a value between about 0.0001 and about 0.10, d is a number having a value between about 0.0 and about 0.35, e is a number having a value between about 0 and about 0.10, x is a number depending on the relative amount and valence of the elements different from oxygen in formula (I), M is one or more elements selected from the group consisting of Ag, Te, and Sb, and Z is one or more element selected from Ru, Mn, Sc, Ti, Cr, Fe, Co, Ni, Cu, Zn, Ga, Y, Zr, Rh, Pd, In, Ce, Pr, Nd, Sm, Tb, Ta, W, Re, Ir, Au, Pb, B, and mixtures thereof, where the compositions are capable of simultaneously oxidizing an alkane to a desired product and by-product carbon monoxide to carbon dioxide, with only a minor change in catalyst activity and selectivity.