Methods of processing a coal-based feedstock to a high value product are provided. In one embodiment a method of processing a coal-based feedstock to a high value product, the method comprises the steps of: contacting the coal-based feedstock with one or more solvents under non-pyrolytic conditions thereby generating a liquid phase; and fractionating the liquid phase to generate at least two fractions under conditions such that at least one of the fractions is the high value product. The liquid phase may comprise 5 to 25 wt % oxygen and at least 70% of the oxygen in the liquid phase may be in the form of phenolic, carboxylic and ketone functional groups of hydrocarbon-based compounds.