A process for converting oxygenated feedstock comprising methanol, dimethyl ether or the like to liquid hydrocarbons comprising the steps ofcontacting the feedstock with zeolite catalyst in a primary catalyst stage at elevated temperature and moderate pressure to convert feedstock to hydrocarbons comprising C.sub.2 -C.sub.4 olefins and C.sub.5.sup.+ hydrocarbons;cooling and separating effluent from the primary stage to recover a liquid hydrocarbon stream and a light hydrocarbon vapor stream rich in C.sub.2 -C.sub.4 olefins;compressing the olefinic light hydrocarbon stream to condense a liquid olefinic hydrocarbon stream rich in C.sub.3.sup.+ olefins and recovering an ethene-rich gaseous stream;further pressurizing and contacting the condensed liquid olefinic hydrocarbon stream in a secondary catalytic stage with oligomerization catalyst comprising medium-pore shape selective acidic zeolite at substantially increased pressure and moderate temperature to convert at least a portion of olefins to a heavier liquid hydrocarbon product stream comprising olefinic gasoline and distillate range liquids; andrecovering ethene in a gaseous stream for recycle to the primary catalytic stage.