Systems and methods are provided for performing both reforming and partial oxidation as part of the reaction step of a reaction cycle in a cyclic reaction environment such as a reverse flow reaction environment, where heat is provided by direct heating during a regeneration step. In some aspects, performing a combination of reforming and partial oxidation can allow for higher conversion of hydrocarbons than reforming alone while reducing or minimizing the peak temperatures within the cyclic reaction environment. In some aspects, performing both reforming and partial oxidation can also allow for an improved molar ratio of H2 to CO in the resulting effluent from the conversion reaction (relative to partial oxidation) while still maintaining high total conversion.