Statement of Greenhouse Gas (GHG) Emissions
Date published: November 6, 2026
This disclosure is submitted pursuant to California Health and Safety Code § 38532 (SB 253, the Climate Corporate Data Accountability Act, as amended by SB 219). NewMarket Corporation (“NewMarket” or the “Company”) meets the applicability criteria for SB 253 reporting as a business entity organized under Virginia law, doing business in California, with annual global revenues exceeding $1 billion USD.
The Company has prepared this Statement of Greenhouse Gas (GHG) Emissions and related notes for the fiscal reporting year covering the period from January 1, 2025, to December 31, 2025, in accordance with the World Resources Institute and World Business Council for Sustainable Development’s Greenhouse Gas Protocol standards and guidance (collectively, the GHG Protocol):
- Scope 1 emissions have been prepared in accordance with the GHG Protocol Corporate Accounting and Reporting Standard (revised edition).
- Scope 2 emissions have been prepared in accordance with the GHG Protocol Scope 2 Guidance: An Amendment to the GHG Protocol Corporate Standard.
| Summary of Greenhouse Gas Emissions | 2025 (tCO2e) |
|---|---|
| Scope 1 | 91,182 |
| Scope 2 | |
| Purchased electricity (location-based) | 82,197 |
| Purchased electricity (market-based) | 81,132 |
| Total Scope 1 and 2 (location-based) | 173,379 |
| Total Scope 1 and 2 (market-based) | 172,314 |
The accompanying notes are an integral part of this statement.
Note 1: The Company
Description of Business
NewMarket Corporation (NewMarket) (NYSE: NEU) is a holding company and is the parent company of Afton Chemical Corporation (Afton), Ethyl Corporation (Ethyl), American Pacific Corporation (AMPAC), Calca Solutions, LLC (Calca), NewMarket Services Corporation (NewMarket Services), and NewMarket Development Corporation (NewMarket Development).
As a specialty chemicals company, Afton develops and manufactures highly formulated lubricant and fuel additive packages and markets and sells these products worldwide. Afton has operations in North America, Europe, Asia, Africa, and Latin America. Ethyl provides contracted manufacturing and related services to Afton and to third parties and is a marketer of antiknock compounds in North America. AMPAC has operations in the United States and manufactures and sells specialty materials used in solid rocket motors for space launch and military defense applications. Calca also has operations in the United States and is the nation’s leading producer of Ultra Pure® and high-purity hydrazine.
Organizational and Operational Boundaries
| Organizational: | Operational control |
| Geographic: | The geographical boundary is global – United States of America, Mexico, Brazil, Belgium, Singapore, China, United Kingdom, Japan |
| Exclusions: | None |
Scope 1 represents direct GHG emissions that occur from sources that are owned or controlled by the Company. Scope 2 accounts for indirect GHG emissions from the generation of purchased electricity consumed by the Company.
Note 2: Greenhouse Gas Emissions
Greenhouse Gases and Global Warming Potential
GHG emissions include four of the seven greenhouse gases covered by the Kyoto Protocol – carbon dioxide (CO₂), methane (CH₄), nitrous oxide (N₂O), and hydrofluorocarbons (HFCs). Perfluorocarbons (PFCs), nitrogen trifluoride (NF₃), and sulphur hexafluoride (SF₆) emissions have been omitted from reporting as they are not a material source of GHG emissions for the Company.
NewMarket calculates Scope 1 and Scope 2 GHG emissions using emission factors published by the U.S. EPA (GHG Emission Factors Hub), the UK Government (DEFRA GHG Conversion Factors for Company Reporting), and the International Energy Agency (IEA), applying the 100-year Global Warming Potential (GWP) values embedded within each source’s published factors. GHG emissions are calculated in metric tons (MT) of pollutant by multiplying activity data by the relevant emission factor and converted to MT of CO₂ equivalents (MTCO₂e).
Base Year
NewMarket selected 2020 as its base year. NewMarket will recalculate the base year if structural changes (mergers, acquisitions, divestments, outsourcing, or in-sourcing of emitting activities), changes to calculation methodology, improvements in emission factor or activity data accuracy, or discovery of significant errors result in a material change in baseline year emissions. Where recalculation is triggered, NewMarket will restate the base year and all subsequent reporting years affected by the change.
Activity Data & Uncertainties
The Company uses direct energy and emissions data where available to calculate GHG emissions. Where actual data is unavailable, it relies on estimates, assumptions, and established methodologies, which involve inherent measurement uncertainty. Results may also be affected by limitations in emission factors and modelling techniques. Consequently, using different acceptable methods, data, or assumptions could have produced materially different emissions estimates.
Market-based Approach
The location-based methodology quantifies Scope 2 emissions using average grid emissions factors for the geographic area where electricity is consumed. The market-based method calculates Scope 2 emissions based on the specific electricity purchases and contractual instruments such as Renewable Energy Certificates (RECs). These contractual instruments originate from renewable energy sources and therefore meet the GHG Protocol Scope 2 Quality Criteria requirements. Where no renewable claim was applied, electricity consumption at those locations was accounted for as grid electricity using location-based emission factors.
| Location | Instrument | Retired on NewMarket’s behalf | Market-based emission factor | Location-based emission factor |
|---|---|---|---|---|
| UK | Certificate of Origin Guarantee | Yes | 0 | DEFRA |
| US | RECs Green-E RY 2025 | Yes | 0 | EPA eGRID |
Biogenic CO₂ emissions
NewMarket does not directly combust biofuels. However, a biomethane mass balance certificate is procured to match the natural gas consumption at one operational site. In line with this approach, an emission factor of zero has been applied to the certified gas volume when calculating Scope 1 emissions.
The Scope 1 emissions reported above therefore reflect this adjustment. Had standard natural gas emission factors been applied to the certified gas volume, reported Scope 1 emissions would have been approximately 432 MTCO₂e higher.
