A novel praseodymium-palladium oxide compound has the formula Pr.sub.4 PdO.sub.7. The compound has utility as a catalyst for oxidation of combustion mixtures comprising oxygen (e.g., air) and gaseous carbonaceous fuels such as methane and displays excellent regeneration characteristics after exposure to decomposition-causing temperatures. The compound may be used in a catalyst composition by being coated as a washcoat on a suitable carrier. Catalytic combustion processes are carried out by contacting such combustion mixture with the catalyst under combustion conditions, including catalytically supported thermal combusiton. Regeneration of over-temperatured catalyst is also provided for.