The present invention provides an oxidation catalyst composition suitable for at least partial conversion of gaseous hydrocarbon emissions, e.g., methane. The oxidation catalyst composition includes at least one platinum group metal (PGM) component supported onto a porous zirconia-containing material that provides an effect on hydrocarbon conversion activity. The porous zirconia-containing material is at least 90% by weight in the monoclinic phase. Furthermore, the PGM component can comprise at least one platinum group metal in the form of colloidally deposited nanoparticles. The oxidation catalyst composition can be used in the treatment of emissions from lean compressed natural gas engines.