Sales for Afton Chemical (NewMarket Corp's petroleum additives segment) for the first quarter of 2016 were $506.1 million, down 8.8% versus the same period last year, due mainly to changes in selling prices, mix and lower shipments. Petroleum additives operating profit for the first quarter of 2016 was $100.4 million, a 4.4% decrease over first quarter operating profit last year of $105.0 million. The decrease, according to the company, was due to changes in selling price and lower shipments, substantially offset by lower raw material costs. Petroleum additives shipments for the first quarter of 2016 were down 3.4% from the same period last year. Decreases in lubricant additives shipments in North America and Latin America were partially offset by increases in Asia Pacific and Europe, and fuel additive decreases in North America and Europe were partially offset by increases in Asia Pacific and Latin America.

"We are pleased with the strong performance of the petroleum additives segment, evidenced by just over $100 million in operating profit in the first quarter of 2016. Our operating profit margin for the rolling four quarters ended March 31, 2016 was 17.8%, which is consistent with our long term expectations for the performance of the petroleum additives business. We are continuing to invest in the future with robust spending in research and development to position us to meet our customers’ business needs with innovative solutions. We are also nearing the completion of phase one of our Singapore manufacturing facility. Phase two is expected to be completed in 2018, and will more than double our investment there. We believe the fundamentals of how we run our business - a long term view, safety first culture, customer-focused solutions, technology driven product offerings, and world class supply chain capability - will continue to be beneficial for all our stakeholders." said NewMarket Corporation Chairman and Chief Executive Officer, Thomas E. Gottwald.

Parent NewMarket Corp's net income for the first quarter of 2016 was $61.9 million compared to net income of $63.9 million for the first quarter of 2015. Earnings for the first quarter of this year and last year included the impact of valuing an interest rate swap at fair value. Excluding this item, first quarter 2016 earnings were $64.3 million compared to $65.4 million last year.