Exhibit 99.1

The Lubrizol Corporation

29400 Lakeland Boulevard, Wickliffe, Ohio 44092-2298

News Release

FOR RELEASE:	Immediately
FROM:	Financial/Investor Contact	Media Contact
	Mark Sutherland	Julie Young
	440/347-1206	440/347-4432
	Web Site: www.lubrizol.com

Lubrizol Announces Second Quarter 2009 Earnings

and Increases Full-Year Earnings Guidance

• Consolidated revenues and volume declined from the prior-year period but increased sequentially from the first quarter

• Operating cash flow for the first six months improved significantly year-over-year due to higher earnings and excellent working capital management

• Outlook for 2009 EPS updated to a range of $5.47 to $5.77, including restructuring and impairment charges of $.23, and increased to a range of $5.70 to $6.00 excluding these charges

CLEVELAND, July 30, 2009 – The Lubrizol Corporation (NYSE: LZ) announced that consolidated earnings for the second quarter ended June 30, 2009 were $131.9 million, or $1.92 per diluted share, including after-tax restructuring and impairment charges of $6.5 million, or $.10 per diluted share. These charges primarily were related to a non-cash write off of preliminary process engineering design work and additional expenses associated with the cost reduction actions the company initiated in the first quarter of 2009. Comparable earnings for the second quarter of 2008 were $78.1 million, or $1.13 per diluted share, which included after-tax restructuring and impairment charges of $9.1 million, or $.13 per diluted share, primarily related to the closure and realignment of North American coatings production facilities.

Second Quarter Consolidated Results

Consolidated revenues for the second quarter decreased 18 percent to $1.11 billion compared with $1.35 billion in the second quarter of 2008. The year-over-year decrease in revenues was attributable to lower volumes and unfavorable currency that more than offset an improvement in the combination of price and product mix. Included in these factors was the incremental impact from acquisitions completed in 2008, which contributed 1 percent to consolidated revenues in the second quarter of 2009.

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Excluding the restructuring and impairment charges in both periods, adjusted earnings were $138.4 million, or $2.02 per diluted share, for the second quarter of 2009 compared with $87.2 million, or $1.26 per diluted share, for the second quarter of 2008.

Adjusted earnings per share for the second quarter of 2009 increased compared with the prior-year second quarter largely due to favorable margin management initiatives, cost savings initiatives that reduced selling, technical, administrative and research (STAR) expenses, lower manufacturing costs and contributions from the 2008 acquisitions. These positive factors impacting earnings more than offset the effect of lower volume, increased performance-based compensation expense, higher net interest expense and an increase in the effective tax rate.

Commenting on the results, CEO James Hambrick stated, “I am very pleased with our second quarter results, as both operating segments benefited from ongoing margin management initiatives. Also contributing to our success in the quarter were the decisive cost reduction actions undertaken early in the year in response to the global recession. But it would be misleading to attribute our performance solely to events in the quarter. For many years we have been working to improve the returns necessary to support the investment in our industry. Our results highlight the cumulative impact of these efforts to build and sustain market leadership positions while providing the innovative technology that is valued by our customers.”

Six Month Consolidated Results

For the first six months of 2009, consolidated revenues decreased 18 percent to $2.12 billion compared with $2.58 billion for the first six months of 2008. Consolidated earnings were $196.1 million, or $2.87 per diluted share, including after-tax restructuring and impairment charges of $14.1 million, or $.21 per diluted share. Earnings for the first six months of 2008 were $151.7 million, or $2.19 per diluted share, including after-tax restructuring and impairment charges of $12.1 million, or $.17 per diluted share. Excluding the restructuring and impairment charges from both periods, earnings of $3.08 per diluted share in the first half of 2009 compared with $2.36 per diluted share in the first half of 2008.

Cash flow from operations for the first six months of 2009 was $447 million, up from $99 million in the year-earlier period. The increase in cash flow from operations primarily was attributable to higher net income and a significant reduction in working capital, primarily from lower inventory. Capital expenditures in the first half of 2009 were approximately $76 million, down from $98 million in the prior-year period as the company controlled spending given the uncertain environment. The company’s cash balance at June 30, 2009 was $861 million compared with a cash balance of $186 million at December 31, 2008. The higher cash balance largely reflected the company’s strong operating cash flow for the first half of 2009 and the proceeds from financing activities undertaken in the first quarter of 2009.

Earnings Outlook

The company increased its guidance for earnings that was issued on April 30. The company’s guidance for 2009 earnings is now in the range of $5.47 to $5.77 per diluted share, including restructuring and impairment charges of $.23 per diluted share, primarily related to cost reductions announced in the first quarter of 2009, impaired preliminary process engineering design work and the closing of a Canadian additives blending facility. In 2008, the company reported a loss of $0.97 per share, including restructuring and impairment charges of $5.04 per

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share, largely related to goodwill impairment, and other adjustments of $.02 per share. Excluding the special charges from both years, the company projects 2009 adjusted earnings in the range of $5.70 to $6.00 per diluted share, which compares with 2008 adjusted earnings of $4.09 per diluted share.

Key updated assumptions for this revised guidance and cash flow include:

• STAR expenses approximately 2 percent lower compared with 2008;

• Corporate expense to average approximately $20 million per quarter for the balance of the year;

• Net interest expense of approximately $105 million for the year;

• An effective tax rate of 30.7 percent for the year;

• The euro to average $1.34 for the remainder of the year;

• Projected pension contributions of $53 million;

• Cash flow generated by working capital changes of approximately $200 million; and

• Average shares outstanding of approximately 68.7 million.

Regarding the earnings outlook, Hambrick added, “The economic environment remains challenging and the timing for significant recovery of our end markets is uncertain. Despite this uncertainty, we have continued to perform at a high level. With our increased guidance, we are on track to deliver a significant increase in earnings compared with 2008. If we achieve stronger volume recovery in the second half of this year, we may have the opportunity for further upside in earnings. But given the volatility in business conditions we experienced in the fourth quarter of last year, we also recognize how quickly the drivers of our business can change. So while confident in our success, we will continue to manage our business vigilantly.”

Conference Call on the Web

An audio webcast of the second quarter earnings conference call with investors will be available live July 30 at 11:00 a.m. Eastern time on the Investor page of www.lubrizol.com and will be archived for 30 days. Following the call, a transcript will be posted on the Investors page of the Web site in the Financial Reports section.

About The Lubrizol Corporation

The Lubrizol Corporation (NYSE: LZ) is an innovative specialty chemical company that produces and supplies technologies that improve the quality and performance of our customers’ products in the global transportation, industrial and consumer markets. These technologies include lubricant additives for engine oils, other transportation-related fluids and industrial lubricants, as well as fuel additives for gasoline and diesel fuel. In addition, Lubrizol makes ingredients and additives for personal care products and pharmaceuticals; specialty materials, including plastics technology and performance coatings in the form of specialty resins and additives. Lubrizol’s industry-leading technologies in additives, ingredients and compounds enhance the quality, performance and value of customers’ products, while reducing their environmental impact.

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With headquarters in Wickliffe, Ohio, The Lubrizol Corporation owns and operates manufacturing facilities in 18 countries, as well as sales and technical offices around the world. Founded in 1928, Lubrizol has approximately 6,800 employees worldwide. Revenues for 2008 were $5.0 billion. For more information, visit www.lubrizol.com.

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This release contains forward-looking statements within the meaning of the federal securities laws. As a general matter, forward-looking statements relate to anticipated trends and expectations rather than historical matters. Forward-looking statements are subject to uncertainties and factors relating to the company’s operations and business environment that are difficult to predict and may be beyond the control of the company. Such uncertainties and factors may cause actual results to differ materially from those expressed or implied by forward-looking statements. Uncertainties and risk factors that could affect the future performance of the company and cause results to differ from the forward-looking statements in this release include, but are not limited to, the company’s ability to manage margins in an environment of volatile raw material costs; conditions affecting the company’s customers, suppliers and the industries that it serves; competitors’ responses to the company’s products; the impact of our current capital structure on our ability to access the capital markets in the future; changes in accounting, tax or regulatory practices or requirements; and other factors that are set forth in the company’s most recently filed reports with the Securities and Exchange Commission. The forward-looking statements contained herein represent the company’s judgment as of the date of this release and it cautions readers not to place undue reliance on such statements. The company assumes no obligations to update the statements contained in this release.

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THE LUBRIZOL CORPORATION

CONSOLIDATED STATEMENTS OF INCOME

(In Millions Except Per Share Data)

	Three Months Ended June 30,						Six Months Ended June 30,
	2009			2008			2009			2008
Revenues	$	1,111.0		$	1,350.2		$	2,123.4		$	2,577.5
Cost of sales		717.2			1,044.7			1,455.7			1,979.2
Gross profit		393.8			305.5			667.7			598.3
Selling and administrative expenses		111.8			101.9			205.6			210.5
Research, testing and development expenses		49.2			55.7			98.2			109.8
Amortization of intangible assets		6.2			7.0			12.5			14.0
Restructuring and impairment charges		10.1			14.6			21.5			19.4
Other income – net		(5.3	)		(4.0	)		(10.5	)		(8.9	)
Interest expense – net		25.9			17.6			52.6			31.3
Income before income taxes		195.9			112.7			287.8			222.2
Provision for income taxes		60.0			32.0			86.7			65.5
Net income		135.9			80.7			201.1			156.7
Net income attributable to noncontrolling interests		4.0			2.6			5.0			5.0
Net income attributable to The Lubrizol Corporation	$	131.9		$	78.1		$	196.1		$	151.7
Earnings per share attributable to The Lubrizol Corporation:
Basic	$	1.95		$	1.14		$	2.90		$	2.22
Diluted	$	1.92		$	1.13		$	2.87		$	2.19
Weighted-average common shares outstanding:
Basic		67.8			68.3			67.7			68.4
Diluted		68.6			69.1			68.3			69.2

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THE LUBRIZOL CORPORATION

CONSOLIDATED BALANCE SHEETS

(In Millions of Dollars)

	June 30, 2009		December 31, 2008
Assets
Cash and cash equivalents	$	860.8	$	186.2
Receivables		654.7		608.5
Inventories		595.9		814.6
Other current assets		110.0		90.6
Total current assets		2,221.4		1,699.9
Property and equipment – net		1,188.0		1,197.6
Goodwill and intangible assets – net		1,134.5		1,143.1
Investments and other assets		120.4		109.9
Total	$	4,664.3	$	4,150.5
Liabilities and Shareholders’ Equity
Short-term debt and current portion of long-term debt	$	220.3	$	391.2
Accounts payable		274.3		350.4
Accrued expenses and other current liabilities		305.4		279.7
Total current liabilities		800.0		1,021.3
Long-term debt		1,484.8		954.6
Other noncurrent liabilities		609.9		590.0
Total liabilities		2,894.7		2,565.9
Shareholders’ equity		1,769.6		1,584.6
Total	$	4,664.3	$	4,150.5

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THE LUBRIZOL CORPORATION

CONSOLIDATED STATEMENTS OF CASH FLOWS

(In Millions of Dollars)

	Six Months Ended June 30,
	2009			2008
Cash provided by (used for):
Operating activities:
Net income	$	201.1		$	156.7
Adjustments to reconcile net income to cash provided by operating activities:
Depreciation and amortization		82.4			84.2
Deferred income taxes		(17.4	)		(3.6	)
Deferred compensation		9.0			5.9
Restructuring and impairment charges		6.9			14.9
Net change in working capital		156.1			(158.6	)
Other items – net		8.7			(0.3	)
Total operating activities		446.8			99.2
Investing activities:
Capital expenditures		(75.9	)		(97.6	)
Other items – net		3.1			1.2
Total investing activities		(72.8	)		(96.4	)
Financing activities:
Changes in short-term debt – net		(0.7	)		—
Repayments of long-term debt		(285.7	)		—
Proceeds from the issuance of long-term debt		646.3			—
Payment of Treasury rate lock upon settlement		(16.7	)		—
Payment of debt issuance costs		(4.8	)		—
Dividends paid		(41.8	)		(41.6	)
Dividends paid to noncontrolling interests		(2.5	)		(3.7	)
Common shares purchased		—			(50.1	)
Proceeds from the exercise of stock options		3.3			3.0
Tax benefit from the exercise of stock options		0.7			2.0
Total financing activities		298.1			(90.4	)
Effect of exchange rate changes on cash		2.5			5.4
Net increase (decrease) in cash and cash equivalents		674.6			(82.2	)
Cash and cash equivalents at the beginning of period		186.2			502.3
Cash and cash equivalents at the end of period	$	860.8		$	420.1

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THE LUBRIZOL CORPORATION

SEGMENT INFORMATION

(In Millions of Dollars)

	Three Months Ended June 30,						Six Months Ended June 30,
	2009			2008			2009			2008
Revenues from external customers:
Lubrizol Additives	$	802.8		$	945.6		$	1,530.6		$	1,790.3
Lubrizol Advanced Materials		308.2			404.6			592.8			787.2
Total revenues	$	1,111.0		$	1,350.2		$	2,123.4		$	2,577.5
Segment operating income:
Lubrizol Additives	$	221.2		$	122.2		$	339.9		$	239.0
Lubrizol Advanced Materials		36.6			34.7			62.1			63.9
Total segment operating income		257.8			156.9			402.0			302.9
Corporate expenses		(28.8	)		(12.5	)		(44.8	)		(33.7	)
Corporate other income – net		2.9			0.5			4.7			3.7
Restructuring and impairment charges		(10.1	)		(14.6	)		(21.5	)		(19.4	)
Interest expense – net		(25.9	)		(17.6	)		(52.6	)		(31.3	)
Income before income taxes	$	195.9		$	112.7		$	287.8		$	222.2

Note: In the fourth quarter of 2008, we reorganized our reporting structure among the Lubrizol Additives and Lubrizol Advanced Materials operating segments related to two businesses: the AMPS^® specialty monomer business and the ADEX^™ explosives emulsifier business. We made this change in order to better align the businesses with others of similar asset and technology base in the Lubrizol Additives segment. In addition, upon the adoption of SFAS 160 on January 1, 2009, we revised our measurement of segment operating income to include income attributable to noncontrolling interests within the Lubrizol Additives segment. The results for 2008 have been revised to conform with the current year presentation.

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THE LUBRIZOL CORPORATION

Supplemental Financial Information

For the Three and Six Months Ended June 30, 2009 and 2008

Reconciliation of Earnings to Earnings As Adjusted

(In Millions of Dollars, Except Per Share Data)

Earnings as adjusted (Non-GAAP) is a measure of income that differs from earnings measured in accordance with generally accepted accounting principles (“GAAP”). Earnings as adjusted (Non-GAAP) is net income attributable to The Lubrizol Corporation per our consolidated results, adjusted for exclusion of restructuring and impairment charges. Management believes that both net income attributable to The Lubrizol Corporation and earnings as adjusted for exclusion of these special charges assist the investor in understanding the results of operations of The Lubrizol Corporation. In addition, Management and the Board evaluate results using net income attributable to The Lubrizol Corporation and earnings as adjusted.

	Three Months Ended June 30, 2009						Three Months Ended June 30, 2008
	Income Before Tax		Net Income Attributable to Lubrizol		Diluted EPS		Income Before Tax		Net Income Attributable to Lubrizol		Diluted EPS
Earnings	$	195.9	$	131.9	$	1.92	$	112.7	$	78.1	$	1.13
Adjustments:
Restructuring and impairment charges		10.1		6.5		0.10		14.6		9.1		0.13
Earnings as adjusted (Non-GAAP)	$	206.0	$	138.4	$	2.02	$	127.3	$	87.2	$	1.26
	Six Months Ended June 30, 2009						Six Months Ended June 30, 2008
	Income Before Tax		Net Income Attributable to Lubrizol		Diluted EPS		Income Before Tax		Net Income Attributable to Lubrizol		Diluted EPS
Earnings	$	287.8	$	196.1	$	2.87	$	222.2	$	151.7	$	2.19
Adjustments:
Restructuring and impairment charges		21.5		14.1		0.21		19.4		12.1		0.17
Earnings as adjusted (Non-GAAP)	$	309.3	$	210.2	$	3.08	$	241.6	$	163.8	$	2.36

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THE LUBRIZOL CORPORATION

Supplemental Financial Information

For the Three and Six Months Ended June 30, 2009 and 2008

Reconciliation of Net Income Attributable to The Lubrizol Corporation

to Earnings Before Interest and Taxes (EBIT), and Before Restructuring

and Impairment Charges (Adjusted EBIT)

(in Millions of Dollars)

Earnings before interest and taxes (EBIT) (Non-GAAP) and earnings before interest, taxes and restructuring and impairment charges (Adjusted EBIT) (Non-GAAP) are measures of income that differ from net income attributable to The Lubrizol Corporation measured in accordance with generally accepted accounting principles (“GAAP”). EBIT is defined as net income attributable to The Lubrizol Corporation per our consolidated results, adjusted for interest expense—net and the provision for income taxes. EBIT is further adjusted for restructuring and impairment charges to derive Adjusted EBIT. Management believes that net income attributable to The Lubrizol Corporation, EBIT and Adjusted EBIT assist the investor in understanding the results of operations of The Lubrizol Corporation. In addition, Management and the Board evaluate results using net income attributable to The Lubrizol Corporation, EBIT and Adjusted EBIT.

	Three Months Ended June 30,				Six Months Ended June 30,
	2009		2008		2009		2008
Net income attributable to The Lubrizol Corporation	$	131.9	$	78.1	$	196.1	$	151.7
Add back:
Interest expense - net		25.9		17.6		52.6		31.3
Provision for income taxes		60.0		32.0		86.7		65.5
Earnings before interest and taxes (EBIT)		217.8		127.7		335.4		248.5
Restructuring and impairment charges		10.1		14.6		21.5		19.4
Earnings before interest, taxes, restructuring and impairment charges (Adjusted EBIT)	$	227.9	$	142.3	$	356.9	$	267.9

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THE LUBRIZOL CORPORATION

Supplemental Financial Information

For the Year Ended December 31, 2008

Reconciliation of Earnings to Earnings As Adjusted

(In Millions of Dollars, Except Per Share Data)

Earnings as adjusted (Non-GAAP) is a measure of income that differs from earnings measured in accordance with generally accepted accounting principles (“GAAP”). Earnings as adjusted (Non-GAAP) is net loss attributable to The Lubrizol Corporation per our consolidated results, adjusted for exclusion of restructuring and impairment charges and the write-off of acquired in-process research and development. Management believes that both net loss attributable to The Lubrizol Corporation and earnings as adjusted for exclusion of these special charges assist the investor in understanding the results of operations of The Lubrizol Corporation. In addition, Management and the Board evaluate results using net loss attributable to The Lubrizol Corporation and earnings as adjusted.

	Year Ended December 31, 2008
	Income Before Tax		Net Loss Attributable to Lubrizol			Diluted EPS
Earnings (loss)	$	17.0	$	(66.1	)	$	(0.97	)
Adjustments:
Restructuring and impairment charges		394.0		345.9			5.04
Write-off of acquired in-process research and development		1.6		1.0			0.01
Pro forma effect of dilution on earnings as adjusted*							0.01
Earnings as adjusted (Non-GAAP)	$	412.6	$	280.8		$	4.09

*  Our loss per share for generally accepted accounting principles (GAAP) does not allow for the inclusion of the dilutive effect of shares in the denominator of our per share calculation since this effect would result in a reduction of the loss per share. The per share impact of the adjustments is reflected as if the dilutive shares were used in the denominator of the earnings per share calculation of each adjustment. The pro forma effect of dilution on earnings as adjusted is included in the reconciliation of our Non-GAAP measure so that earnings as adjusted reflects the impact of any applicable dilutive shares.

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