An asphaltenic residue from deasphalting a synthetic crude obtained by direct liquefaction of a Spanish subbituminous coal was submitted to several upgrading routes. This paper reports the results from thermal hydroprocessing. Solubility-based lumped kinetics with parallel reactions for oils, gases and coke formation are proposed. Conversion data fit second-order kinetics for asphaltene conversion and for oil, gas and coke formation. Coke formation was inhibited except under the harshest reaction conditions. Two pathways for coke formation are proposed: one as primary reaction product after an induction period and the other as secondary product from a sequence of polymerization steps. The presence of hydrogen strongly inhibits the primary coke formation. Structural analyses show higher aromaticity of the oils from products obtained at 475 degrees C than at 450 degrees C, which supports the proposed condensation mechanism for coke production at high temperatures.