Mr. Lewis Gaines

GLG News^SM Analyses by Lewis Gaines(?)

Lubrizol Surprises as Analysts MIss a Changing Specialty Chemical Environment

October 23, 2009

Analysis of:Lubrizol forecasts 3Q profit above Street view | finance.yahoo.com

Lubrizol and Newmarket both recently announced drastically improved sequential profit margins in a difficult general business environment. The doubling in run rate operating margins in 2009 suggests a structural change in the supplier customer price negotiation process. What happened in the lubricant additives business could also happen in other specialty chemical areas. The key requirement is that suppliers mange their product profile to help improve their customers profitability.

Newmarket Expands Cautiously in Asia's Growing Lubricant Additive Market

July 29, 2009

Analysis of:Afton Invests in Asia Pacific | www.imakenews.com

Newmarket will expand in Asia via toll processing rather than the more typical approach of major plant construction. Their approach is strategically consistent with a relatively small initial market share and a desire to minimize capital investment. The lubricant additives industry continues to avoid overbuilding in a slowly growing global market

Holly's Tulsa Refinery Purchase Opens New Options for Margin Growth in Lubricants

April 22, 2009

Analysis of:Holly Buys Sunoco Tulsa for $65M | www.imakenews.com

Lubricant sales are a hidden gem in the Tulsa refinery purchase. Sunoco has built a good reputation marketing these high margin products. Holly Corp's planned investment in hydrotreatment for ultra low sulfur diesel fuel will offer potential upgrades to the lubricant slate as well. Lubricant base oil has the highest value upgrade over crude of any high volume refinery product. If managed well, Holly's strategic expansion has significant profit potential.

Stable Global Lubricant Demand Will Maintain Profitability of the Industry

March 4, 2009

Analysis of:Hot Lube Markets Will Weather Downturn | www.imakenews.com

Fuchs Petrolube is projecting only a slight decrease in global lubricant demand in 2009 with stable to growing volumes beyond this near term horizon. Stable volumes imply that the lubricant companies will see only minimal volume changes. Public additive suppliers such as Lubrizol and Newmarket should also see little change in their volumes and continued margin stability. The margins of the lubricant marketers such as Fuchs Petrolube, Ashland (owner of Valvoline) and the integrated oil companies should continue to reflect currently strong levels.

IRS Biodiesel Regulations Will Benefit Fuel Additive Companies

January 21, 2009

Analysis of:IRS Proposes Biodiesel Tax Incentive | www.irs.gov

By mandating minimum low temperature performance to obtain important tax credits, the IRS is insuring a growing market for cold flow improvers. These products are well established technically, more economic for the fuel suppliers than most alternatives, and highly profitable for the fuel additive companies that supply them.

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