A series of methane oxidation catalysts were prepared by doping Santa Barbara Amorphous-15 (SBA-15), a highly mesoporous silica sieve, with varying amounts of Zr (5, 10, and 15 wt%) and loading with 2 wt% Pd and 4 wt% Pt. The catalysts were characterized using various techniques, including BET, X-ray diffraction (XRD), X-ray photoelectron spectroscopy (XPS), and H2-temperature programmed reduction (H2-TPR). Fresh and aged catalysts were evaluated for methane oxidation. Aging was performed using a simulated lean burn natural gas (NG) engine exhaust containing water vapor (10% vol) and sulfur (10 ppm). It was found that the catalyst with 15 wt% zirconia was the most active and stable of the series, exhibiting the lowest T50 of 481 °C after 40 h of aging. The Pd–Pt catalyst loaded on pure SBA-15 had a T50 of 583 °C after aging, which was 102 °C higher than that of the Pd–Pt catalyst with 15 wt% Zr. The results suggest that the increased performance was due to the higher amount of reducible PtOx species in the proximity of ZrO2 and the sulfur scavenging effect of zirconia, which protected the active metals from forming inactive sulfur complexes. Overall, the Pd–Pt catalyst with 15 wt% Zr loaded on SBA-15 demonstrated excellent methane oxidation activity, hydrothermal stability, and sulfur resistance and can be considered a viable candidate for reducing the methane slip from a lean burn NG engine exhaust.