Table of Contents UNITED STATES SECURITIES AND EXCHANGE COMMISSION WASHINGTON, D.C. 20549 (Exact name of registrant as specified in its charter) Virginia 20-0812170 (State or other jurisdiction of incorporation or organization) FORM 10-Q ☒ QUARTERLY REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934 For the quarterly period ended March 31, 2021 OR ☐ TRANSITION REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934 For the transition period from to Commission ...

Financial Performance - Consolidated net sales for 2020 amounted to $2.0 billion, a decrease of $179 million, or 8.2% from 2019[144]. - Petroleum additives net sales for 2020 were approximately 8.0% lower than 2019 levels, with North America representing nearly 50% of the decrease[147]. - The volume of product shipments for petroleum additives decreased 5.2% when comparing 2020 with 2019[150]. - Petroleum additives operating profit for 2020 was $333 million, a decrease of $26 million from 2019, with an operating profit margin of 16.7%[154][156]. - Net sales for the year ended December 31, 2020, were $2,010,931 thousand, a decrease of 8.2% from $2,190,295 thousand in 2019[244]. - Gross profit for 2020 was $595,032 thousand, down from $629,869 thousand in 2019, reflecting a gross margin of approximately 29.6%[244]. - Operating profit decreased to $311,802 thousand in 2020 from $337,321 thousand in 2019, indicating a decline of 7.5%[244]. - Net income for 2020 was $270,568 thousand, representing an increase of 6.4% compared to $254,286 thousand in 2019[244]. - Earnings per share for 2020 were $24.64, up from $22.73 in 2019, marking an increase of 8.4%[244]. - Comprehensive income for 2020 was $260,152 thousand, a decrease from $272,854 thousand in 2019[246]. Cash Flow and Capital Management - Cash generated from operating activities was $284 million in 2020, down from $337 million in 2019[164]. - In 2020, the company generated $284 million in cash from operations, which was used to repurchase $101 million of common stock, pay $83 million in dividends, repay $45 million on the revolving credit facility, and fund $93 million for capital expenditures[165]. - Cash and cash equivalents decreased from $144 million at the end of 2019 to $125 million at December 31, 2020[167]. - The company had long-term debt of $599 million at December 31, 2020, down from $643 million at the end of 2019, resulting in a decrease in total long-term debt as a percentage of total capitalization from 48.5% to 44.1%[176]. - The average interest rate for borrowings under credit facilities was 1.4% in 2020, down from 3.0% in 2019[174]. - The company has sufficient access to additional capital, including a new $900 million revolving credit facility established in March 2020[141]. - Outstanding letters of credit amounted to $2 million at December 31, 2020, with an unused portion of the revolving credit facility totaling $898 million[173]. - The company expects cash from operations and available borrowing under credit facilities to be sufficient for operating needs and planned capital expenditures in the long term[185]. Research and Development - Research and development (R&D) investment decreased approximately $4 million in 2020, with R&D as a percentage of net sales increasing to 7.0%[160]. - Research, development, and testing expenses were $140,367 thousand in 2020, slightly down from $144,465 thousand in 2019[244]. - Capital expenditures were $93 million in 2020, with an estimated range of $75 million to $85 million for 2021, focusing on improvements to manufacturing and R&D infrastructure[179]. Pension and Retirement Plans - Cash contributions to pension and postretirement plans were $11 million in 2020, with an actuarial gain of approximately $43 million due to actual investment returns exceeding expected returns[192]. - The forecasted 2021 expense for U.S. pension and postretirement plans would increase by approximately $5 million if the expected rate of return is decreased by 100 basis points to 7.0%[194]. - A 100 basis point decrease in the discount rate to 1.875% would increase the forecasted 2021 expense for U.S. pension and postretirement benefit plans by approximately $9 million[196]. - The expected aggregate cash contributions to the U.S. pension plans are projected to be approximately $3 million in 2021, while contributions to postretirement benefit plans are expected to be around $2 million[198]. - The average remaining service period of active participants in the U.K. pension plan is 16 years, with an average remaining life expectancy of 26 years for inactive participants[199]. - The expected long-term rate of return for the U.K. pension plan was 5.0% at December 31, 2020, based on a target asset allocation of 40% in pooled equities funds, 40% in pooled government bonds, and 20% in pooled diversified growth funds[201]. - Actuarial gains on the assets were approximately $4 million in 2020, with an expected amortization of the actuarial net loss of about $3 million in 2021[202]. Market Outlook and Strategy - The petroleum additives market is expected to grow in the 1% to 2% range annually, with the company planning to exceed that growth rate over the long term[208]. - The company aims to provide a 10% compounded return per year for shareholders over any five-year period, driven by a customer-focused strategy and technology-driven product offerings[207]. Assets and Liabilities - Total assets increased to $1,933,875,000 in 2020 from $1,885,132,000 in 2019, representing a growth of 2.6%[248]. - Total liabilities decreased to $1,174,051,000 in 2020 from $1,202,034,000 in 2019, a reduction of 2.3%[248]. - The company’s total shareholders' equity rose to $759,824,000 in 2020 from $683,098,000 in 2019, an increase of 11.2%[250]. - Retained earnings increased to $932,271,000 in 2020 from $843,881,000 in 2019, an increase of 10.5%[250]. Debt Management - Total long-term debt at December 31, 2020, was $599 million, all at fixed rates, indicating no interest rate risk associated with fixed rate debt[224]. - A hypothetical 100 basis point decrease in interest rates would have resulted in a change of $22 million in the fair value of the company's debt at December 31, 2020[225]. - The company had no derivative financial instruments outstanding at the end of 2020 or 2019, indicating a conservative approach to risk management[282]. - Issued $250 million in 3.78% senior unsecured notes, maturing on January 4, 2029, with annual principal payments of $50 million starting January 4, 2025[330]. - Compliance with all covenants under the 3.78% senior notes as of December 31, 2020, and December 31, 2019[331]. - Entered into a $900 million multicurrency revolving credit facility on March 5, 2020, with a term of five years[332]. - The revolving credit facility includes a $500 million sublimit for foreign currency borrowings and a $50 million sublimit for letters of credit[332]. - An expansion feature allows for an increase in the revolving credit facility or incremental term loans up to $425 million[332]. - The revolving credit facility is available on a revolving basis until March 5, 2025[332].

NewMarket Corporation (NYSE:NEU) Q4 2020 Results Conference Call February 4, 2021 3:00 PM ET Company Participants Brian Paliotti - CFO Operator Good afternoon, ladies and gentlemen, and welcome to the NewMarket Corporation Conference Call and Webcast to Review Fourth Quarter 2020 and Year-end Financial Results. [Operator Instructions]. It is now my pleasure to turn the floor over to your host, Brian Paliotti. Sir, the floor is yours. Brian Paliotti Thank you, Matthew, and thanks to everyone for joining me ...

Financial Data and Key Metrics Changes - Net income for Q3 2020 was $96 million or $8.70 per share, an increase from $68 million or $6.06 per share in Q3 2019, which includes a one-time gain of $16.5 million from the sale of a non-operating real estate asset [4] - The effective tax rate decreased to 18.6% from 22.5% in the same period last year [7] Business Line Data and Key Metrics Changes - Sales for the petroleum additives segment in Q3 2020 were $510 million, down from $551 million in Q3 2019, primarily due to lower shipments and selling prices [5] - Operating profit for the petroleum additives segment increased to $102 million from $95 million year-over-year, attributed to lower raw material costs and reduced selling, general, and administrative costs [5] Market Data and Key Metrics Changes - Shipments in the petroleum additives segment decreased by 3.2%, mainly driven by declines in fuel additive shipments [5] - There was a significant rebound in gasoline consumption and miles driven, with industrial production beginning to recover, particularly in automobile manufacturing [6] Company Strategy and Development Direction - The company remains focused on meeting customer needs during the ongoing crisis and has continued operations globally without interruption [9] - The management is optimistic about the petroleum additives business, expecting continued improvement as government restrictions ease and the overall economic environment improves [10] Management's Comments on Operating Environment and Future Outlook - Management noted that the improvements in Q3 2020 were driven by a recovery from the economic disruptions caused by the COVID-19 pandemic [6] - The rate of improvement in the market will depend on the lifting of restrictions and the overall economic recovery [10] Other Important Information - The company funded capital expenditures of $20 million, repaid $82 million in debt, and paid $21 million in dividends, maintaining low leverage with a net debt-to-EBITDA ratio of 1.1 times [8] Q&A Session Summary - The Q&A session concluded without specific questions or answers being documented in the provided content [12]

[PART I. FINANCIAL INFORMATION](index=4&type=section&id=PART%20I.%20FINANCIAL%20INFORMATION) This section presents the company's financial statements, management's analysis of operations, market risk disclosures, and internal controls [Financial Statements](index=4&type=section&id=ITEM%201.%20Financial%20Statements) NewMarket Corporation's unaudited financial statements show mixed results with increased Q3 net income despite lower sales, and stable balance sheet [Consolidated Statements of Income](index=4&type=section&id=Consolidated%20Statements%20of%20Income) Q3 2020 net income significantly increased to $95.8 million despite lower net sales, while nine-month net income remained flat Consolidated Statements of Income Highlights (in thousands, except per-share amounts) | Metric | Q3 2020 | Q3 2019 | Nine Months 2020 | Nine Months 2019 | | :--- | :--- | :--- | :--- | :--- | | **Net sales** | $512,869 | $555,817 | $1,483,150 | $1,655,850 | | **Gross profit** | $166,607 | $162,727 | $444,252 | $486,429 | | **Operating profit** | $98,804 | $88,218 | $236,247 | $269,765 | | **Net income** | $95,794 | $67,805 | $203,684 | $204,184 | | **Earnings per share** | $8.77 | $6.06 | $18.52 | $18.26 | [Condensed Consolidated Balance Sheets](index=6&type=section&id=Condensed%20Consolidated%20Balance%20Sheets) Total assets remained stable at $1.88 billion, while reduced long-term debt led to an increase in shareholders' equity Balance Sheet Summary (in thousands) | Account | Sep 30, 2020 | Dec 31, 2019 | | :--- | :--- | :--- | | **Total current assets** | $854,362 | $879,398 | | **Total assets** | $1,880,122 | $1,885,132 | | **Total current liabilities** | $308,899 | $308,895 | | **Long-term debt** | $608,702 | $642,941 | | **Total liabilities** | $1,156,596 | $1,202,034 | | **Total shareholders' equity** | $723,526 | $683,098 | [Condensed Consolidated Statements of Cash Flows](index=8&type=section&id=Condensed%20Consolidated%20Statements%20of%20Cash%20Flows) Operating cash flow was $216.3 million, with significant cash used for share repurchases and dividends, leading to a net cash decrease Cash Flow Summary for Nine Months Ended Sep 30 (in thousands) | Activity | 2020 | 2019 | | :--- | :--- | :--- | | **Cash from operating activities** | $216,320 | $233,247 | | **Cash from investing activities** | $(41,060) | $(37,132) | | **Cash from financing activities** | $(200,210) | $(188,579) | | **(Decrease) increase in cash** | $(26,696) | $6,931 | | **Cash at end of period** | $117,701 | $79,971 | [Notes to Condensed Consolidated Financial Statements](index=9&type=section&id=Notes%20to%20Condensed%20Consolidated%20Financial%20Statements) Notes detail segment performance, debt structure, and accounting policies, highlighting petroleum additives sales and a new $900 million credit facility Net Sales by Geographic Area (in thousands) | Region | Q3 2020 | Q3 2019 | Nine Months 2020 | Nine Months 2019 | | :--- | :--- | :--- | :--- | :--- | | United States | $175,086 | $191,830 | $476,858 | $551,875 | | Europe, Middle East, Africa, India | $161,484 | $179,685 | $483,051 | $526,597 | | China | $56,531 | $49,219 | $159,771 | $170,627 | Net Sales by Segment (in thousands) | Segment | Q3 2020 | Q3 2019 | Nine Months 2020 | Nine Months 2019 | | :--- | :--- | :--- | :--- | :--- | | Lubricant additives | $432,938 | $448,629 | $1,240,042 | $1,348,508 | | Fuel additives | $77,342 | $101,997 | $236,313 | $295,621 | | **Total Petroleum additives** | **$510,280** | **$550,626** | **$1,476,355** | **$1,644,129** | - In March 2020, the company entered into a new five-year, **$900 million** multicurrency revolving credit facility, with **$888 million** unused at September 30, 2020[49](index=49&type=chunk)[50](index=50&type=chunk)[56](index=56&type=chunk) [Management's Discussion and Analysis of Financial Condition and Results of Operations](index=17&type=section&id=ITEM%202.%20Management%27s%20Discussion%20and%20Analysis%20of%20Financial%20Condition%20and%20Results%20of%20Operations) Management discusses COVID-19's impact on sales, Q3 recovery, improved operating margins, and the company's strong financial position and capital allocation [Impact of COVID-19 and Results of Operations](index=17&type=section&id=Impact%20of%20COVID-19%20and%20Results%20of%20Operations) COVID-19 led to a 7.5% decline in nine-month shipment volumes, though Q3 showed recovery and improved petroleum additives operating profit - The COVID-19 pandemic led to a **7.5% decrease** in shipment volumes for the first nine months of 2020[74](index=74&type=chunk) - Q3 2020 showed signs of recovery, with shipments increasing over **25%** from Q2 2020 due to rebounding industrial production[76](index=76&type=chunk) Petroleum Additives Segment Operating Profit (in millions) | Period | 2020 | 2019 | Change | | :--- | :--- | :--- | :--- | | **Q3 Operating Profit** | $102.2 | $94.8 | +$7.4 | | **Nine Months Operating Profit** | $248.9 | $285.6 | -$36.7 | - The operating profit margin for petroleum additives improved to **20.0%** in Q3 2020 from **17.2%** in Q3 2019, though slightly decreased to **16.9%** for the nine-month period[92](index=92&type=chunk) [Cash Flows, Financial Condition, and Liquidity](index=21&type=section&id=Cash%20Flows%2C%20Financial%20Condition%2C%20and%20Liquidity) The company maintains a strong financial position with $216.3 million in operating cash flow, reduced long-term debt, and compliance with debt covenants - Cash from operations for the first nine months of 2020 was **$216.3 million**[107](index=107&type=chunk) - The company repurchased **$101.4 million** of common stock and paid **$62.7 million** in dividends during the first nine months of 2020[111](index=111&type=chunk) - Total long-term debt as a percentage of total capitalization decreased from **48.5%** at December 31, 2019, to **45.7%** at September 30, 2020[116](index=116&type=chunk) - Total capital spending for 2020 is expected to be in the range of **$75 million to $85 million**[110](index=110&type=chunk) [Outlook](index=22&type=section&id=Outlook) Management anticipates market stabilization and long-term growth of 1-2% for petroleum additives, while continuing strategic investments and evaluating cash uses - The company aims to provide a **10% compounded return** per year for shareholders over any five-year period[119](index=119&type=chunk) - The petroleum additives market is expected to grow **1% to 2%** annually long-term, with the company planning to exceed this rate[120](index=120&type=chunk) - Acquisitions primarily target the petroleum additives industry, with ongoing evaluation of cash uses including stock repurchases and dividends[122](index=122&type=chunk) [Quantitative and Qualitative Disclosures About Market Risk](index=23&type=section&id=ITEM%203.%20Quantitative%20and%20Qualitative%20Disclosures%20About%20Market%20Risk) No material changes to the company's market risk were reported as of September 30, 2020, compared to the 2019 Annual Report - As of September 30, 2020, no material changes in market risk were reported compared to the 2019 Annual Report disclosures[123](index=123&type=chunk) [Controls and Procedures](index=23&type=section&id=ITEM%204.%20Controls%20and%20Procedures) Management concluded that disclosure controls and procedures were effective, with no material changes to internal control over financial reporting - Disclosure controls and procedures were concluded to be effective by management as of the reporting period end[124](index=124&type=chunk) - No material changes to internal control over financial reporting occurred during the quarter ended September 30, 2020[125](index=125&type=chunk) [PART II. OTHER INFORMATION](index=24&type=section&id=PART%20II.%20OTHER%20INFORMATION) This section covers legal proceedings, risk factors, and details on equity security sales and use of proceeds [Legal Proceedings](index=24&type=section&id=ITEM%201.%20Legal%20Proceedings) No material changes to the company's legal proceedings were reported compared to the 2019 Annual Report - No material changes to legal proceedings were reported compared to the 2019 Annual Report disclosures[127](index=127&type=chunk) [Risk Factors](index=24&type=section&id=ITEM%201A.%20Risk%20Factors) No material changes to the company's risk factors were reported for the nine months ended September 30, 2020 - No material changes to risk factors were reported for the nine months ended September 30, 2020[128](index=128&type=chunk) [Unregistered Sales of Equity Securities and Use of Proceeds](index=24&type=section&id=ITEM%202.%20Unregistered%20Sales%20of%20Equity%20Securities%20and%20Use%20of%20Proceeds) The company has a **$500 million** share repurchase program, with **$399 million** remaining as of September 30, 2020, after Q3 repurchases - A share repurchase program authorizes up to **$500 million** in common stock buybacks until December 31, 2021[129](index=129&type=chunk) Issuer Purchases of Equity Securities (Q3 2020) | Period | Total Shares Purchased | Average Price Paid per Share | Dollar Value Remaining in Program | | :--- | :--- | :--- | :--- | | July 1 to July 31 | 3,835 | $373.88 | $398,566,341 | | August 1 to August 31 | 0 | $0.00 | $398,566,341 | | September 1 to September 30 | 0 | $0.00 | $398,566,341 | | **Total** | **3,835** | **$373.88** | **$398,566,341** |

NewMarket Corporation (NYSE:NEU) Q2 2020 Earnings Conference Call July 30, 2020 3:00 PM ET Company Participants Brian Paliotti - Chief Financial Officer Conference Call Participants Operator Good day, ladies and gentlemen, and welcome to the NewMarket Corporation Conference Call and Webcast to review second quarter 2020 financial results. All lines have been placed on a listen-only mode for the duration of today???s call. At this time, it is my pleasure to turn the floor over to your host to Mr. Brian Palio ...

Financial Performance - Consolidated net sales for Q2 2020 totaled $410.9 million, a decrease of $152.6 million, or 27.1%, from Q2 2019[84]. - Petroleum additives net sales for the first six months of 2020 were $966.1 million, down 11.7% from $1.1 billion in the same period of 2019[87]. - Shipments to customers in Q2 2020 were down 25.1% from Q1 2020, with North America and EMEAI regions experiencing the most significant decreases[77]. - The operating profit margin for petroleum additives was 8.1% in Q2 2020, compared to 18.4% in Q2 2019[99]. - Petroleum additives operating profit decreased by $69.9 million in Q2 2020 compared to Q2 2019, and by $44.1 million in the first six months of 2020 compared to the same period in 2019[96]. - The volume of product shipments for petroleum additives decreased 24.4% in Q2 2020 compared to Q2 2019, and 9.6% for the first six months of 2020 compared to the same period in 2019[91]. - Cost of goods sold as a percentage of net sales was 76.5% for Q2 2020, up from 69.5% in Q2 2019[100]. - The impact of COVID-19 has led to lower demand for petroleum additives products, significantly affecting net sales and operating profit margins[88]. Expenses and Investments - SG&A expenses for Q2 2020 were $1.3 million, or 4.4% lower than Q2 2019, and represented 7.2% of net sales compared to 5.5% in Q2 2019[102]. - R&D investment decreased by $3.6 million in Q2 2020 compared to Q2 2019, accounting for 8.2% of net sales versus 6.6% in Q2 2019[103]. - Interest and financing expenses were $7.0 million in Q2 2020, down from $7.7 million in Q2 2019, primarily due to lower average interest rates[105]. - Other income for Q2 2020 was $6.5 million, an increase from $5.8 million in Q2 2019, reflecting components of net periodic benefit cost[106]. - Income tax expense for Q2 2020 was $4.9 million, significantly lower than $22.5 million in Q2 2019, with an effective tax rate of 18.0% compared to 23.3%[107]. Cash Flow and Debt - Cash and cash equivalents decreased by $42.3 million to $102.1 million as of June 30, 2020, compared to December 31, 2019[110]. - Cash flows from operating activities for the first six months of 2020 were $94.3 million, with $60.1 million used for higher working capital requirements[114]. - Total long-term debt increased to $690.3 million as of June 30, 2020, from $642.9 million at December 31, 2019[119]. Future Outlook - The company expects the petroleum additives market to grow at 1% to 2% annually, with plans to exceed this growth rate in the long term[127]. - The company aims to provide a 10% compounded return per year for shareholders over any five-year period, focusing on customer-centric strategies and technology-driven solutions[126]. Strategic Initiatives - The company has a strong financial position with access to a $900 million revolving credit facility established in March 2020[81]. - The company continues to invest in organizational talent, technology development, and global infrastructure despite the current economic challenges[76].

Financial Data and Key Metrics Changes - Net income for Q1 2020 was $85.5 million, or $7.67 per share, compared to $62.2 million, or $5.57 per share in Q1 2019, representing a significant increase [5] - The effective income tax rate decreased to 22.3% from 23% year-over-year [8] - Capital expenditures for the quarter were $20.1 million, with dividends paid amounting to $21.2 million and share repurchases totaling $94.3 million [8] - The company maintained a low leverage with a net debt-to-EBITDA ratio of 1.2 times [9] Business Line Data and Key Metrics Changes - Petroleum additives net sales increased to $557.4 million in Q1 2020 from $532.7 million in Q1 2019, marking a 4.6% increase [6] - Operating profit for petroleum additives rose to $113.7 million from $87.9 million year-over-year, driven by higher shipments and lower conversion costs [7] Market Data and Key Metrics Changes - The increase in lubricant additive shipments was primarily driven by Europe, North America, and Latin America, while Asia Pacific experienced a decrease [6] - The company anticipates a significant decline in shipments for passenger vehicle lubricants and fuels, particularly in Europe and the Americas, due to COVID-19 impacts [13] Company Strategy and Development Direction - The company is focused on maintaining operations and meeting customer needs during the COVID-19 crisis, ensuring supply chain continuity and product availability [12] - Management emphasized long-term planning and resilience in navigating short-term challenges, with a positive outlook for recovery as restrictions ease [14][15] Management's Comments on Operating Environment and Future Outlook - Management expressed confidence in the company's performance despite expecting a downturn in Q2 2020 due to social distancing measures affecting business operations [13] - The company is encouraged by early recovery signs in its China business and remains optimistic about global market recovery [14] Other Important Information - The company has taken steps to support local communities by providing protective equipment to hospitals and fire departments during the pandemic [16] - Management highlighted the essential role of the chemical and oil industries in combating COVID-19 and ensuring the supply of critical products [16] Q&A Session Summary - The Q&A session concluded without specific questions being documented, indicating a focus on the company's remarks and future outlook [21]

Table of Contents WASHINGTON, D.C. 20549 FORM 10-Q ☒ QUARTERLY REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934 For the quarterly period ended March 31, 2020 OR ☐ TRANSITION REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934 For the transition period from to UNITED STATES SECURITIES AND EXCHANGE COMMISSION Commission File Number 1-32190 NEWMARKET CORPORATION (Exact name of registrant as specified in its charter) Virginia 20-0812170 (State or other juri ...

Table of Contents UNITED STATES SECURITIES AND EXCHANGE COMMISSION Washington, D.C. 20549 FORM 10-K ☒ ANNUAL REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934 For the fiscal year ended December 31, 2019 or ☐ TRANSITION REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934 For the transition period from to Commission file number 1-32190 NEWMARKET CORPORATION Incorporated pursuant to the Laws of the Commonwealth of Virginia Internal Revenue Service Employer ...