A continuous method for treating and upgrading a light and heavy naphtha containing mercaptans, comprising: (a) contacting in a first contacting region the light naphtha with a first phase of a treatment composition containing water, alkali metal hydroxide, cobalt phthalocyanine sulfonate, and alkylphenols and having at least two phases, wherein (i) the first phase contains dissolved alkali metal alkylphenylate, dissolved alkali metal hydroxide, water, and dissolved sulfonated cobalt phthalocyanine, (ii) at least a portion of the alkyl phenylate is derived from alkyl phenols in the heavy naphtha, and (iii) the second phase contains water and dissolved alkali metal hydroxide; (b) extracting mercaptan sulfur from the light naphtha to the first phase, the light naphtha containing a concentration of alkyl phenols less than the heavy naphtha; (c) contacting in a second contacting region the heavy naphtha with the first phase of the treatment composition, wherein, (i) the heavy naphtha has a higher boiling range than the light naphtha, and (ii) the heavy naphtha has a concentration of alkylphenols greater than that of the light naphtha, (d) extracting mercaptan sulfur and alkylphenols from the heavy naphtha to the first phase; (e) separating an upgraded light naphtha and separating an upgraded heavy naphtha; and (f) separating mercaptan sulfur from the first phase, and then conducting the first phase to at least step (a) for re-use. (a) contacting in a first contacting region the light naphtha with a first phase of a treatment composition containing water, alkali metal hydroxide, cobalt phthalocyanine sulfonate, and alkylphenols and having at least two phases, wherein (i) the first phase contains dissolved alkali metal alkylphenylate, dissolved alkali metal hydroxide, water, and dissolved sulfonated cobalt phthalocyanine, (ii) at least a portion of the alkyl phenylate is derived from alkyl phenols in the heavy naphtha, and (iii) the second phase contains water and dissolved alkali metal hydroxide; (i) the first phase contains dissolved alkali metal alkylphenylate, dissolved alkali metal hydroxide, water, and dissolved sulfonated cobalt phthalocyanine, (ii) at least a portion of the alkyl phenylate is derived from alkyl phenols in the heavy naphtha, and (iii) the second phase contains water and dissolved alkali metal hydroxide; (b) extracting mercaptan sulfur from the light naphtha to the first phase, the light naphtha containing a concentration of alkyl phenols less than the heavy naphtha; (c) contacting in a second contacting region the heavy naphtha with the first phase of the treatment composition, wherein, (i) the heavy naphtha has a higher boiling range than the light naphtha, and (ii) the heavy naphtha has a concentration of alkylphenols greater than that of the light naphtha, (i) the heavy naphtha has a higher boiling range than the light naphtha, and (ii) the heavy naphtha has a concentration of alkylphenols greater than that of the light naphtha, (d) extracting mercaptan sulfur and alkylphenols from the heavy naphtha to the first phase; (e) separating an upgraded light naphtha and separating an upgraded heavy naphtha; and (f) separating mercaptan sulfur from the first phase, and then conducting the first phase to at least step (a) for re-use.