A composition including polyalphaolefins that function as drag reducing agents and a process for the preparation of polyalphaolefins that function as drag reducing agents are disclosed. The process includes contacting alpha olefin monomers with a catalyst system, which includes a catalyst and an activator (co-catalyst) in a reactant mixture. The catalyst is a transition metal catalyst, preferably titanium trichloride, and the co-catalyst may include an alkylaluminoxane, alone or in combination, with a dialkylaluminum halide or a halohydrocarbon. The polymerization of the alpha olefin monomers produces a non-crystalline, ultra-high molecular weight polyalphaolefin having an inherent viscosity of at least 10 dL/g. The addition of the alkylaluminoxane during the polymerization process provides for a non-crystalline, ultra-high molecular weight polyalphaolefin and a more uniform molecular weight distribution of the resulting polyalphaolefin, thereby creating a drag reducing agent superior to known drag reducing agents. A process for forming a drag reducing agent comprising a non-crystalline, ultra-high molecular weight polyalphaolefin having an inherent viscosity of about at least 10 dL/g and a process for reducing drag in a conduit are also disclosed.