Catalytic cracking process and apparatus therefor

A catalytic cracking process and apparatus wherein hot regenerated catalyst particles from the dense phase of the regenerator are passed through a heat exchanger in indirect heat exchange with stripped catalyst particles whereby the former are cooled and the latter are heated. The regenerated catalyst which contacts the feed is thus cooler than it would otherwise be, and there is a reduction in thermal cracking. The stripped catalyst entering the regenerator is hotter than it would otherwise be thereby improving the efficacy of the regeneration step.