A method is provided which includes infusing oxygen into pitch material without stabilizing the oxygen-infused pitch material. In addition, the invention includes further processing steps (including heat stabilization in either an inert atmosphere or an oxygen-containing atmosphere, deformation, pyrolysis, and/or composite formation) performed after or in conjunction with the oxygenation process. Moreover, the invention includes the composition of matter (in any of a number of different physical forms such as powder, fiber, shaped article, composites) resulting from the practice of this oxygenation process, either alone or in conjunction with the further processing steps. The composition has a homogeneous distribution of oxygen and can be heat stabilized in an inert atmosphere
