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<TITLE>Ethyl Corporation 10-Q Report</TITLE>
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                     Page 1 of 15 pages</P>

                                                 <H1 ALIGN=CENTER><FONT SIZE=3>  UNITED STATES</FONT></H1>
                                        <H1 ALIGN=CENTER><FONT SIZE=3>SECURITIES AND EXCHANGE COMMISSION</FONT></H1>

                                              <H1 ALIGN=CENTER><FONT SIZE=3>WASHINGTON, D. C. 20549</FONT></H1>


                                                     <H1 ALIGN=CENTER><FONT SIZE=3>FORM 10-Q</FONT></H1>

<P ALIGN=CENTER>[X]  QUARTERLY REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES<BR>
               EXCHANGE ACT OF 1934</P>


                                                        <P ALIGN=CENTER><FONT SIZE=3>OR</FONT></P>

<P ALIGN=CENTER>[ ]  TRANSITION REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES<BR>
    EXCHANGE ACT OF 1934</P>

<P ALIGN=CENTER>For Transition Period from __________________________       to________________________</P>
<P ALIGN=CENTER>For Quarter Ended March 31, 2000                                                          Commission File Number 1-5112</p>

                                              <P ALIGN=CENTER>ETHYL CORPORATION<br>
                              (Exact name of registrant as specified in its charter)</P>
<TABLE CELLPADDING=0 ALIGN=CENTER CELLSPACING=0 BORDER=0 WIDTH="75%">
<TR>
<TD WIDTH="50%" ALIGN=CENTER>VIRGINIA  </TD>
<TD WIDTH="50%" ALIGN=CENTER>54-0118820</TD>
</TR>

<tr>
<TD ALIGN=CENTER>(State or other jurisdiction of <br>incorporation or organization) </TD>
<td ALIGN=CENTER> (I.R.S. Employer<br> Identification No.)</td>
</tr>

<TR>
<TD>  </TD>
<TD>  </TD>
</TR>

<TR>
<TD>  </TD>
<TD>  </TD>
</TR>

<TR>
<TD>330 SOUTH FOURTH STREET<br>P. O. BOX 2189  </TD>
<TD>  </TD>
</TR>

<TR>
<TD>RICHMOND, VIRGINIA </TD>
<TD ALIGN=RIGHT>23218-2189 </TD>
</TR>

<TR>
<TD>(Address of principal executive offices)  </TD>
<TD ALIGN=RIGHT>(Zip Code) </TD>
</TR>

<TR>
<TD>  </TD>
<TD>  </TD>
</TR>

<tr>
<TD COLSPAN=2>Registrant's telephone number, including area code - (804) 788-5000</TD>
</TR>

<TR>
<TD>  </TD>
<TD>  </TD>
</TR>

<tr>
<TD COLSPAN=2><P><FONT SIZE=3>Indicate by check mark whether the registrant (1) has filed all
reports required to be filed by Section 13 or 15(d) of the Securities Exchange
Act of 1934 during the preceding 12 months (or for such shorter period that the
registrant was required to file such reports); and (2) has been subject to such
filing requirements for the past 90 days. </FONT></P></TD>
</TR>

<TR>
<TD>  </TD>
<TD>  </TD>
</TR>


<TR>
<TD ALIGN=CENTER>YES  X</TD>
<TD ALIGN=CENTER>NO___ </TD>
</TR>

<TR>
<TD>  </TD>
<TD>  </TD>
</TR>

<TR>
<TD COLSPAN=2>Number of shares of common stock, $1 par value, outstanding as of March 31, 2000:    83,465,460. </TD>

<TD ALIGN=RIGHT> </TD>
</TR>



</TABLE>
<br><br><br>
<TABLE WIDTH=600 CELLPADDING=0 CELLSPACING=0 BORDER=0 >
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<TH colspan=5>ETHYL CORPORATION</TH>
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<TD><FONT SIZE=3>Number </FONT></TD>
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<TH colspan=4 align=left>PART I.  FINANCIAL INFORMATION</tH>
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<TH colspan=3><FONT SIZE=3>ITEM 1. Financial Statements      </FONT></TH>
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<TD colspan=2><FONT SIZE=3><A href="#income">Consolidated Statements of Income - Three Months</A> </FONT></TD>
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<TD><FONT SIZE=3><A href="#income">Ended March 31, 2000 and 1999</A>     </FONT></TD>
<TD align=center><FONT SIZE=3>3</FONT></TD>
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<TD><FONT SIZE=3>        </FONT></TD>
<TD colspan=2><FONT SIZE=3><A href="#bs">Consolidated Balance Sheets - March 31, 2000 and December 31, 1999</A>   </FONT></TD>
<TD align=center><FONT SIZE=3>4    </FONT></TD>
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<TD colspan=2><FONT SIZE=3><A href="#cf"> Condensed Consolidated Statements of Cash Flows - </A></FONT></TD>
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<TD><FONT SIZE=3><A href="#cf">Three Months Ended March 31, 2000 and 1999 </A>          </FONT></TD>
<TD align=center><FONT SIZE=3>5</FONT></TD>
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<TD colspan=2><FONT SIZE=3><A href="#notes">Notes to Financial Statements</A>  </FONT></TD>
<TD align=center><FONT SIZE=3> 6-8   </FONT></TD>
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<TD colspan=3><FONT SIZE=3><A href="#mda"> ITEM 2.  Management's Discussion and Analysis of Results</A>  </FONT></TD>
<TD><FONT SIZE=3> </FONT></TD>
</TR>

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<TD><FONT SIZE=3>  </FONT></TD>
<TD><FONT SIZE=3>  </FONT></TD>
<TD><FONT SIZE=3>  </FONT></TD>
<TD><FONT SIZE=3><A href="#mda">   of Operations and Financial Condition </A>   </FONT></TD>
<TD align=center><FONT SIZE=3> 9-13</FONT></TD>
</TR>


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<TD colspan=3><FONT SIZE=3><A href="#market"> ITEM 3.  Quantitative and Qualitative Disclosures About Market Risk </A> </FONT></TD>
<TD align=center><FONT SIZE=3>13</FONT></TD>
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<Td colspan=4 align=left>PART II.  OTHER INFORMATION</td>
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<TD colspan=3><FONT SIZE=3><A href="#exhibits">ITEM 6.  Exhibits and Reports on Form 8-K</A>  </FONT></TD>
<TD align=center><FONT SIZE=3>14</FONT></TD>
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<TD colspan=3><FONT SIZE=3><A href="#sigs">SIGNATURE</A></FONT></TD>
<TD align=center><FONT SIZE=3>15</FONT></TD>
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<br><br><br><br><br><br><br>
<A NAME="income"></A>
<PRE>
PART I.  FINANCIAL INFORMATION

ITEM 1.  Financial Statements


                             ETHYL CORPORATION AND SUBSIDIARIES
                              CONSOLIDATED STATEMENTS OF INCOME
                           (In Thousands Except Per Share Amounts)
                                         (Unaudited)


                                                                       Three Months Ended
                                                                            March 31
                                                                 ----------------------------
                                                                    2000               1999
                                                                 ----------------------------

Net sales                                                        $198,512            $205,326
Cost of goods sold                                                156,248             161,880
                                                                 --------             -------
   Gross profit                                                    42,264              43,446

TEL marketing agreements services                                   5,148              13,676

Selling, general and administrative expenses                       18,980              18,106
Research, development and testing expenses                         17,918              15,306
Special items income, net                                          42,369               7,200
                                                                 --------             -------
   Operating profit                                                52,883              30,910

Interest and financing expenses                                     8,368               8,851
Other (expense) income,  net                                         (550)                902
                                                                 --------             -------

Income before income taxes                                         43,965              22,961
Income taxes                                                       16,141               7,657
                                                                 --------             -------
Net income                                                       $ 27,824            $ 15,304
                                                                  =======             =======
Basic and diluted earnings per share                             $    .33            $    .18
                                                                  =======             =======

Shares used to compute basic and diluted earnings per share        83,465              83,465
                                                                  =======             =======

Cash dividends per share of common stock                         $  .0625            $  .0625
                                                                  =======             =======

See accompanying notes to financial statements.
</PRE>
<BR><BR><BR><BR><BR><BR>


<P align=center>3</P>

<PAGE>
<A name="bs"></A>
<PRE>
                          ETHYL CORPORATION AND SUBSIDIARIES
                             CONSOLIDATED BALANCE SHEETS
                                   (In thousands)


                                                                              March 31
                                                                                2000                December 31
                                                                            (unaudited)                 1999
                                                                           ---------------         -------------
   ASSETS
Current assets:
  Cash and cash equivalents                                                     $    7,968             $  15,846
   Accounts receivable, less allowance for doubtful
      accounts ($968 - 2000; $975 - 1999)                                          135,488               133,291
   Receivable - TEL marketing agreements services                                   12,161                22,655
   Inventories:
      Finished goods and work-in-process                                           144,428               145,557
      Raw materials                                                                 24,127                21,094
      Stores, supplies and other                                                     9,006                 8,141
                                                                                ----------             ---------
                                                                                   177,561               174,792
   Deferred income taxes and prepaid expenses                                       17,119                18,274
                                                                                ----------             ---------
      Total current assets                                                         350,297               364,858
                                                                                ----------             ---------

Property, plant and equipment, at cost                                             768,602               769,307
   Less accumulated depreciation and amortization                                  452,267               436,331
                                                                                ----------              --------
      Net property, plant and equipment                                            316,335               332,976
                                                                                ----------              --------

Other assets and deferred charges                                                  250,168               194,383
Goodwill and other intangibles, net of amortization                                 97,864                99,163
                                                                                ----------              --------
Total assets                                                                    $1,014,664              $991,380
                                                                                ==========              ========

     LIABILITIES AND SHAREHOLDERS' EQUITY
Current liabilities:
    Accounts payable                                                            $   57,170              $ 64,945
    Accrued expenses                                                                49,737                53,304
    Dividends payable                                                                5,217                 5,217
    Long-term debt, current portion                                                 77,102                67,088
    Income taxes payable                                                            10,927                12,538
                                                                                ----------              --------
      Total current liabilities                                                    200,153               203,092
                                                                                ----------              --------

Long-term debt                                                                     392,046               407,134
Other noncurrent liabilities                                                       108,443               102,707
Deferred income taxes                                                               77,113                63,238

Shareholders' equity
      Common stock ($1 par value)
              Issued - 83,465,460 in 2000 and 1999                                  83,465                83,465
      Accumulated other comprehensive loss                                         (12,735)              (11,828)
      Retained earnings                                                            166,179               143,572
                                                                                ----------              --------
                                                                                   236,909               215,209
                                                                                ----------              --------

Total liabilities and shareholders' equity                                      $1,014,664              $991,380
                                                                                ==========              ========

See accompanying notes to financial statements.

</PRE>
<BR><BR><BR><BR><BR><BR>


<P align=center>4</P>

<PAGE>
<A NAME="CF"></A>

<PRE>
                               ETHYL CORPORATION AND SUBSIDIARIES
                        CONDENSED CONSOLIDATED STATEMENTS OF CASH FLOWS
                                   (In thousands, unaudited)


                                                                         Three Months Ended
                                                                              March 31
                                                                       ------------------------
                                                                         2000            1999
                                                                       ------------------------
Cash and cash equivalents at beginning of year                         $ 15,846        $  8,403
                                                                        -------         -------

Cash flows from operating activities:
      Net income                                                         27,824          15,304
      Adjustments to reconcile net income to cash flows from
        operating activities:
            Depreciation and amortization                                16,669          16,303
            Deferred income taxes                                        15,068             334
            Prepaid pension cost                                         (3,713)         (3,559)
            Special items income, net                                   (42,369)              -
            Working capital (increase) decrease                         (10,124)          3,259
            Other, net                                                    2,025          (1,675)
                                                                        -------         -------
                  Cash provided from operating activities                 5,380          29,966
                                                                        -------         -------

Cash flows from investing activities:
      Capital expenditures                                               (3,383)         (4,052)
      Other, net                                                            434             380
                                                                        -------         -------
                   Cash used in investing activities                     (2,949)         (3,672)
                                                                        -------         -------

Cash flows from financing activities:
      Repayment of long-term debt                                        (5,000)        (10,000)
      Cash dividends paid                                                (5,217)         (5,217)
      Other, net                                                            (92)         (1,328)
                                                                         ------         -------
                    Cash used in financing activities                   (10,309)        (16,545)
                                                                         ------         -------

(Decrease)increase in cash and cash equivalents                          (7,878)          9,749
                                                                         ------         -------


Cash and cash equivalents at end of period                             $  7,968         $18,152
                                                                        =======         =======


Supplemental investing and financing noncash transactions
            Assignment of note payable to Texaco Inc.                  $      -         $29,208



See accompanying notes to financial statements.
</PRE>
<BR><BR><BR><BR><BR><BR>


<P align=center>5</P>


<a name="notes"></a>
<TABLE WIDTH=600 CELLPADDING=0 CELLSPACING=0 BORDER=0 >
<TR ALIGN=CENTER>
<TD COLSPAN=2><FONT SIZE=3>ETHYL CORPORATION AND SUBSIDIARIES</FONT></TD>
</TR>

<TR ALIGN=CENTER>
<TD COLSPAN=2><FONT SIZE=3>NOTES TO FINANCIAL STATEMENTS</FONT></TD>
</TR>

<TR ALIGN=CENTER>
<TD COLSPAN=2><FONT SIZE=3>(In Thousands Except Per-Share Amounts)</FONT></TD>
</TR>

<TR ALIGN=CENTER>
<TD COLSPAN=2><FONT SIZE=3>(Unaudited)</FONT></TD>
</TR>


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<TD><FONT SIZE=3>  </FONT></TD>
<TD><FONT SIZE=3>  </FONT></TD>
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<TR>
<TD WIDTH=10% Valign=TOP><FONT SIZE=3>1. </FONT></TD>
<TD><FONT SIZE=3>In the opinion of management, the accompanying consolidated
financial statements of Ethyl Corporation and Subsidiaries contain all necessary
adjustments to present fairly, in all material respects, our consolidated
financial position as of March 31, 2000, as well as the consolidated results of
operations and the consolidated cash flows for the three-months ended March 31,
2000 and 1999. All adjustments are of a normal, recurring nature. These
financial statements should be read in conjunction with the consolidated
financial statements and related notes included in the December 31, 1999 Annual
Report and Form 10-K. The results of operations for the three-month period ended
March 31, 2000 are not necessarily indicative of the results to be expected for
the full year. </FONT></TD>
</TR>

<TR align=center>
<TD><FONT SIZE=3>  </FONT></TD>
<TD><FONT SIZE=3>  </FONT></TD>
</TR>

<TR>
<TD><FONT SIZE=3>  </FONT></TD>
<TD><FONT SIZE=3>Ethyl adopted Statement of Financial Accounting Standards No. 133 (FAS 133), "Accounting for Derivatives and Hedging
         Activities", on January 1, 1999.  FAS 133 has been consistently applied for all periods presented. </FONT></TD>
</TR>

<TR align=center>
<TD><FONT SIZE=3>  </FONT></TD>
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<TR>
<TD Valign=TOP><FONT SIZE=3>2. </FONT></TD>
<TD><FONT SIZE=3>Ethyl’s Swiss subsidiaries have entered marketing agreements with Alcor
Chemie AG and Alcor Chemie Vertriebs AG (the “Alcor Group”), to market
and sell TEL outside North America and the European Economic Area. The Alcor
Group was purchased by Octel Corporation (“Octel”) in the fall of
1999. These agreements are similar to the marketing agreements currently in
place with Octel’s subsidiary, The Associated Octel Company Limited. On
April 19, 2000, a payment of $39 million was made to the Alcor Group as a
prepayment for services provided under the terms of the marketing agreements.
These payments were funded under current loan agreements. The proceeds earned by
Ethyl under these marketing agreements are reflected in the Consolidated
Statements of Income in the caption, “TEL Marketing Agreement
Services.” </FONT></TD>
</TR>

</TABLE>
<PRE>
3.       Long-term debt consisted of the following:          March 31        December 31
                                                               2000             1999
                                                               ----             ----

         Revolving credit agreement                          $240,000          $215,000
         Term loan agreement                                  210,000           240,000
         Medium-term notes due through 2001                    13,500            13,500
                                                              -------           -------
           Total long-term debt                               463,500           468,500
           Obligations under capital lease                      5,731             5,823
              Less unamortized discount                           (83)             (101)
                                                              -------           -------
           Net long-term debt                                 469,148           474,222
              Less current portion                            (77,102)          (67,088)
                                                              -------           -------
           Long-term debt                                    $392,046          $407,134
                                                              =======           =======
</PRE>
<BR><BR><BR>
<P align=center>6</P>

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<TR>
<TD WIDTH=10% Valign=TOP><FONT SIZE=3>4. </FONT></TD>
<TD><FONT SIZE=3>Comprehensive income, defined as net income and other
comprehensive income, was $26.9 million for the first quarter of 2000 and $5.2
million for the first quarter of 1999. Other comprehensive income includes
changes in unrealized gains and losses on marketable securities and derivative
instruments, foreign currency translation adjustments, and minimum pension
liability adjustments recorded net of the related deferred income taxes. The
components of comprehensive income consist of the following: </FONT></TD>

</TABLE>

<PRE>
                                                                   Three Months Ended
                                                                        March 31
                                                                    -----------------
                                                                     2000        1999
                                                                     ----        ----

         Net income                                               $ 27,824    $ 15,304
         Other comprehensive (loss) income, net of tax
                  Unrealized gain/(loss) on marketable
                     equity securities                               2,528      (1,318)
                  Foreign currency translation adjustments          (2,162)     (9,188)
                  Minimum pension liability adjustment              (1,811)          -
                  Unrealized gain on derivative instruments            538         399
                                                                   -------     -------
         Other comprehensive (loss)                                   (907)    (10,107)
                                                                   -------     -------
         Comprehensive income                                     $ 26,917    $  5,197
                                                                   =======     =======


         The components of accumulated other comprehensive
         income (loss) consist of the following:
                                                                  March 31   December 31
                                                                     2000        1999
                                                                     ----        ----

         Unrealized gain on marketable equity securities          $  5,136    $   2,608
         Unrealized loss on derivative instruments                  (1,361)      (1,899)
         Minimum pension liability adjustment                       (1,811)           -
         Foreign currency translation adjustments                  (14,699)     (12,537)
                                                                   -------     --------
           Accumulated other comprehensive (loss)                 $(12,735)   $ (11,828)
                                                                   =======     ========
</PRE>

<TABLE WIDTH=600 CELLPADDING=0 CELLSPACING=0 BORDER=0 >


<TR align=center>
<TD><FONT SIZE=3>  </FONT></TD>
<TD><FONT SIZE=3>  </FONT></TD>
</TR>

<TR align=center>
<TD><FONT SIZE=3>  </FONT></TD>
<TD><FONT SIZE=3>  </FONT></TD>
</TR>

<TR>
<TD WIDTH=10% Valign=TOP><FONT SIZE=3>5. </FONT></TD>
<TD><FONT SIZE=3>The special items income, net in 2000 consisted of recognition of  $49.9 million income ($31.6 million after tax or $.38
         per share) related to a pension plan election, offset by a $7.5 million charge ($4.8 million after tax or $.06 per share)
         related to the write-off of plant assets.  In February 2000, an election was made regarding certain contracts in our
         pension plan.  This election resulted in the settlement of liabilities for certain pension contracts and the recognition
         of a significant gain related to our pension assets.  The settlement gain has no cash effect nor will any retiree
         benefits change. </FONT></TD>


<TR align=center>
<TD><FONT SIZE=3>  </FONT></TD>
<TD><FONT SIZE=3>  </FONT></TD>
</TR>

<TR>
<TD><FONT SIZE=3>  </FONT></TD>
<TD><FONT SIZE=3>The charge of $7.5 million included in first quarter 2000 special items was for the write-off of the production
 assets of a previously idled petroleum additives facility.  There were no employee or other incremental costs included in this
         charge.  As part of our ongoing cost improvement process, during first quarter 2000 we reviewed our third party
         supply contract for product as well as our manufacturing facilities.  We concluded that the market for product previously
         produced at this facility had not grown as anticipated and excess supply and production facilities were in place.
         Further, there are no specific  </FONT></TD>
</TR>



<TR align=center>
<TD><FONT SIZE=3>  </FONT></TD>
<TD><FONT SIZE=3>  </FONT></TD>
</TR>
</TABLE>


<P align=center>7</P>
<PAGE>
<a name="notes"></a>
<TABLE WIDTH=600 CELLPADDING=0 CELLSPACING=0 BORDER=0 >




<TR>
<TD WIDTH=10% Valign=TOP><FONT SIZE=3>  </FONT></TD>
<TD><FONT SIZE=3>market changes expected to impact these conditions.  As a
result of this review, we cancelled our original supply contract in first
quarter 2000, restructured, and entered a new, more limited supply
         agreement.  There were no one-time charges related to the contract
change.  We also decided to permanently idle this manufacturing facility and have written
off the book value of these assets in the first quarter.
 </FONT></TD>
</TR>

<TR align=center>
<TD><FONT SIZE=3>  </FONT></TD>
<TD><FONT SIZE=3>  </FONT></TD>
</TR>

<TR>
<TD><FONT SIZE=3>  </FONT></TD>
<TD><FONT SIZE=3>The special income item in 1999 consisted of $7.2 million income ($4.4 million after tax
 or $.05 per share) from a supply
         contract amendment. </FONT></TD>
</TR>


</TABLE>



<BR><BR><BR><BR><BR><BR>


<P align=center>8</P>






<a name="mda"></a>

<h1 ALIGN=LEFT><FONT SIZE=3>
ITEM 2.    Management’s
Discussion and Analysis of <BR>        
    Results of Operations and Financial Condition</FONT></h1>

<P><FONT SIZE=3>The following is management’s discussion and analysis of
certain significant factors affecting our results of operations and changes in
financial condition since December 31, 1999. Our reportable segments, petroleum
additives and tetraethyl lead (TEL), are strategic business units that we manage
separately. </FONT></P>

<P><FONT SIZE=3>Some of the information presented in the following discussion
constitutes forward-looking comments within the meaning of the Private
Securities Litigation Reform Act of 1995. The forward-looking comments may focus
on future objectives or expectations about future performance and may include
statements about trends or anticipated events. </FONT></P>

<P><FONT SIZE=3>Ethyl believes our forward-looking comments are based on
reasonable expectations and assumptions, within the bounds of what we know about
our business and operations. However, we offer no assurance that actual results
will not differ materially from our expectations due to uncertainties and
factors that are difficult to predict and beyond our control. We identified
certain, but not all, of these factors in the Review of Operations on page 26 of
our 1999 Annual Report and incorporate the same herein by reference. </FONT></P>

<H2 ALIGN=LEFT><FONT SIZE=3>Results of Operations</FONT></H2>

<H2 ALIGN=LEFT><FONT SIZE=3>Net Sales</FONT></H2>

<P><FONT SIZE=3>Our consolidated net sales for first quarter 2000 amounted to
$198.5 million, representing a reduction of 3% from the 1999 level of $205.3
million. Consolidated net sales for first quarter 2000 are lower than first
quarter 1999 primarily reflecting lower petroleum additives net sales which was
slightly offset by higher TEL sales. The table below shows our consolidated net
sales by segment. </FONT></P>

<PRE>
                                                        Net Sales By Segment
                                                           (in millions)

                                                            First Quarter
                                                            -------------
                                                         2000           1999
                                                         ----           ----
Petroleum additives                                     $194.8         $202.3
Tetraethyl lead                                            3.7            3.0
                                                        ------         ------
Consolidated net sales                                  $198.5         $205.3
                                                        ======         ======

</PRE>
<H2 ALIGN=LEFT><FONT SIZE=3>Petroleum Additives Segment</FONT></H2>

<P><FONT SIZE=3>Petroleum additives net sales in first quarter 2000 of $194.8
million were down $7.5 million or almost 4% from $202.3 million in 1999.
Slightly lower volumes shipped when compared to the first quarter 1999 caused a
$5.5 million reduction in net sales. Lower selling prices negatively affected
net sales by $2.0 million when compared to first quarter 1999. The lower
shipments included the result of customer forward buying in late 1999 in
anticipation of the price increase that we announced in the fourth quarter last
year. In addition, there was some limited customer build-up of inventory in the
fourth quarter 1999 for Y2K concerns. </FONT></P>

<P align=center>9</P>

<PAGE>

<H2 ALIGN=LEFT><FONT SIZE=3>TEL Segment</FONT></H2>

<P><FONT SIZE=3>Tetraethyl lead sales under the TEL marketing agreements are not
recorded as sales by Ethyl. Consequently, TEL net sales reflected in the table
above are made by Ethyl in territories not covered by the agreements. The
increase of $0.7 million from first quarter 1999 reflects slightly higher
shipments of TEL by Ethyl, as well as slightly higher selling prices. </FONT></P>

<H2 ALIGN=LEFT><FONT SIZE=3>Segment Operating Profit</FONT></H2>

<P><FONT SIZE=3>Ethyl evaluates the performance of petroleum additives and TEL
based on segment operating profit. Corporate departments and other expenses
outside the control of the segment manager are not allocated to segment
operating profit. Depreciation on segment property, plant, and equipment and
amortization of segment intangible assets are included in the operating profit
of each segment. </FONT></P>

<P><FONT SIZE=3>Combined segment operating profit in first quarter 2000 was $7.9
million and included a nonrecurring expense of $7.5 million for the write-off of
a petroleum additives manufacturing facility. First quarter 1999 segment
operating profit was $36.0 million and included nonrecurring income of $7.2
million from a supply contract amendment. Excluding these nonrecurring items,
combined segment operating profit was down 46% from 1999 levels. </FONT></P>

<p><font size=3>Operating profit by segment and a reconciliation to income
before income taxes is shown below followed by a review of the results. </FONT></P>
<pre>
                                              Segment Operating Profit
                                                    (in millions)

                                                     First Quarter

                                                 2000           1999
                                                 ----           ----
Petroleum additives before
   nonrecurring items                           $12.3          $18.6
Nonrecurring items                               (7.5)           7.2
                                                -----           ----
   Total Petroleum additives                      4.8           25.8
Tetraethyl lead                                   3.1           10.2
                                                -----           ----
Segment operating profit                          7.9           36.0
Corporate unallocated expense                    (6.8)          (6.1)
Interest expense                                 (8.4)          (8.9)
Pension gain                                     49.9              -
Other income, net                                 1.4            2.0
                                                -----           ----
Income before income taxes                      $44.0          $23.0
                                                =====           ====

</PRE>
<H2 ALIGN=LEFT><FONT SIZE=3>Petroleum Additives Segment</FONT></H2>

<P><FONT SIZE=3>Petroleum additives operating profit was $4.8 million for first
quarter 2000 and $25.8 million for first quarter 1999. Excluding the
nonrecurring items, operating profit decreased about 34% from 1999 levels.
Improved profits in fuel additives partially offset this overall decrease. The
lower operating profit resulted from the impact of significantly higher raw
material costs, slightly lower shipments, and an unfavorable foreign exchange
effect. The nonrecurring write-off of the idled manufacturing facility is part
of our ongoing review of plant rationalization efforts and will improve the
petroleum additives cost structure. </FONT></P>

<P align=center>10</P>

<PAGE>


<P><FONT SIZE=3>While we did implement an announced fourth quarter 1999 selling
price increase during first quarter 2000, the continuing rise in raw material
cost during 2000 has more than offset the benefit of this price increase. We are
in the process of implementing another price increase in response to the
continuing rise in raw material cost, and expect the new pricing to take effect
during second quarter 2000. </FONT></P>

<P><FONT SIZE=3>First quarter 2000 research, development, and testing (R&D)
expenses, as well as selling, general, and administrative (SG&A) expenses,
were about 11% higher than first quarter 1999 primarily reflecting an increase
in R&D expenses. The increase in R&D expenses reflects additional
testing as we prepare for the next generation of additive product specification,
as well as ongoing product reformulation. SG&A expenses were slightly higher
first quarter 2000 when compared to first quarter 1999. </FONT></P>

<P><FONT SIZE=3>Similarly, as a percentage of net sales, SG&A, including
research, development, and testing expense, increased from 14.0% in 1999 to
16.2% in 2000 reflecting the effect of lower sales revenue and higher R&D
expenses. </FONT></P>

<H2 ALIGN=LEFT><FONT SIZE=3>TEL Segment</FONT></H2>

<P><FONT SIZE=3>Our TEL operating profit for the first quarter 2000 amounted to
$3.1 million and included $5.1 million from the TEL marketing agreements. In
comparison, first quarter 1999 operating profit was $10.2 million with $13.7
million of that total resulting from the marketing agreements. As the TEL market
continues its decline, the quarter to quarter results will fluctuate at a higher
rate due to the timing of customer bulk orders. The decline in the lead market
is proceeding according to our expectations. </FONT></P>

Included in both 2000 and 1999 TEL results are the costs of
certain facilities that are not allocable to the TEL marketing
agreements.



<P><FONT SIZE=3><I><a href="#income">The following discussion references the Consolidated Financial
Statements beginning on page 3.</a></I> </FONT></P>

<H2 ALIGN=LEFT><FONT SIZE=3>Special Items Income, net</FONT></H2>

<P><FONT SIZE=3>The special items income, net for first quarter 2000 totaled
almost $42.3 million. A settlement of certain pension contracts resulted in the
recognition of special item income of $49.9 million in first quarter 2000. This
one-time noncash gain did not affect any pension benefits provided by Ethyl. In
addition, first quarter 2000 included special item expense of $7.5 million for
the write-off of a manufacturing facility as part of our ongoing plant
rationalization review. The special item income of $7.2 million for first
quarter 1999 was the supply contract amendment as noted in the segment operating
profit discussion. </FONT></P>


<P align=center>11</P>

<PAGE>



<H2 ALIGN=LEFT><FONT SIZE=3>Interest and Financing Expenses</FONT></H2>

<P><FONT SIZE=3>Interest and financing expenses were $8.4 million in first
quarter 2000 and $8.9 million in first quarter 1999. Lower average debt
outstanding resulted in a decrease in interest and financing expenses of $1.5
million. A higher effective interest rate caused a $1 million increase in
interest and financing expenses. </FONT></P>

<H2 ALIGN=LEFT><FONT SIZE=3>Other (Expense) Income, Net</FONT></H2>

<P><FONT SIZE=3>Other (expense) income, net totaled $0.6 million expense in
first quarter 2000 as compared to $0.9 million income in 1999. The 1999 total
included $1.6 million interest income related to an income tax adjustment. </FONT></P>

<H2 ALIGN=LEFT><FONT SIZE=3>Income Taxes</FONT></H2>

<P><FONT SIZE=3>Income tax expense was $16.1 million for first quarter 2000 as
compared to $7.7 million for first quarter 1999. The increase of $8.4 million
primarily reflected a 91% increase in our income before income taxes resulting
in about $7.0 million higher income tax expense. In addition, the first quarter
2000 effective income tax rate of 36.7% was higher than the 33.3% rate for the
same period in 1999 which resulted in about $1.4 million higher taxes. A benefit
from a tax adjustment caused the lower effective tax rate in 1999. </FONT></P>

<H2 ALIGN=LEFT><FONT SIZE=3>Net Income</FONT></H2>

<P><FONT SIZE=3>Because of the items previously discussed, first quarter 2000
net income was $27.8 million or 33 cents per share. Net income for first quarter
1999 amounted to $15.3 million or 18 cents per share. Excluding nonrecurring
items, first quarter 2000 earnings amounted to $1.0 million or one cent per
share as compared to first quarter 1999 earnings of $10.9 million or 13 cents
per share. </FONT></P>

<P><font size=3>A summary of earnings and earnings per share, both including
and excluding the non-recurring items is shown below:</font></P>
<pre>
                                               (In millions except per share amounts)
                                                            First Quarter
                                                         2000           1999
                                                         ----           ----
Net income:
  Earnings excluding
     nonrecurring items                                 $ 1.0          $10.9
  Nonrecurring items (a)                                 26.8            4.4
                                                        -----          -----
         Net income                                     $27.8          $15.3
                                                        =====          =====

Basic and diluted earnings per share:
   Earnings excluding
       nonrecurring items                               $ .01          $ .13
   Nonrecurring items (a)                                 .32            .05
                                                        -----          -----
       Net income                                       $ .33          $ .18
                                                        =====          =====

(a)Nonrecurring items after income taxes:
      Pension plan gain                                 $31.6          $   -
      Manufacturing facility write-off                   (4.8)             -
      Supply contract amendment                             -            4.4
                                                        -----          -----
                                                        $26.8          $ 4.4
                                                        =====          =====


</PRE>

<P align=center>12</P>

<H2 ALIGN=LEFT><FONT SIZE=3>Financial Condition and Liquidity</FONT></H2>

<P><FONT SIZE=3>Cash and cash equivalents at March 31, 2000 totaled $8.0
million, which was a decrease of about $7.9 million since December 31, 1999. Our
cash flows were more than sufficient to cover operating activities during the
2000 period. Cash flows from operating activities for the three months of 2000
were $5.4 million. This, as well as cash on hand of $7.9 million and about $0.3
million of other funds, were used to make principal payments on long-term debt
of $5.0 million, pay dividends of $5.2 million, and fund capital expenditures of
$3.4 million. We anticipate that cash provided from operations will continue to
be sufficient to cover operating expenses, service debt obligations, including
reducing long-term debt, and make dividend payments to our shareholders. </FONT></P>

<P><FONT SIZE=3>Ethyl has combined current and noncurrent long-term debt of
$469.1 million at March 31, 2000 compared to $474.2 million at December 31,
1999. This decrease of $5.1 million primarily represents a repayment of $30.0
million on our term loan mostly offset by an increase of $25.0 million on the
revolving credit agreement. </FONT></P>

<P><font size=3>As a percentage of total capitalization, Ethyl's long-term
debt, excluding the current portion, decreased from 65% at the end of
1999 to 62% at March 31, 2000.</font></P>

<P><FONT SIZE=3>Ethyl’s Swiss subsidiaries have entered marketing
agreements with Alcor Chemie AG and Alcor Chemie Vertriebs AG (the “Alcor
Group”), to market and sell TEL outside North America and the European
Economic Area. The Alcor Group was purchased by Octel Corporation
(“Octel”) in the fall of 1999. These agreements are similar to the
marketing agreements currently in place with Octel’s subsidiary, The
Associated Octel Company Limited. On April 19, 2000, a payment of $39 million
was made to the Alcor Group as a prepayment for services provided under the
terms of the marketing agreements. These payments were funded under current loan
agreements. </FONT></P>

<P><font size=3>We expect our capital spending during 2000 to be moderately
higher than 1999.  Ethyl will continue to finance capital spending
through cash provided from operations. </FONT></P>

<P><FONT SIZE=3>Our working capital at March 31, 2000 was $150.1 million
resulting in a current ratio of 1.75 to 1. At December 31, 1999, the working
capital was $161.8 million and the current ratio was 1.80 to 1. The reduction in
working capital and the current ratio primarily reflects a decrease in cash and
the receivable from the TEL marketing agreements, as well as an increase in the
current portion of long-term debt. Partially offsetting these was a reduction in
accounts payable and accrued expenses. </FONT></P>

<a name="market"></a>
<H2 ALIGN=LEFT><FONT SIZE=3>ITEM 3. Quantitative and Qualitative Disclosures
About Market Risk</FONT></H2>

<P><font size=3>There have been no significant changes in our market risk from
the information provided in our Form 10-K for the year ended
December 31, 1999. </FONT></P>


<P align=center>13</P>






<A NAME="EXHIBITS"></A>
<h3 ALIGN="CENTER">PART II - Other Information</h3>


<P>ITEM 6.    Exhibits and Reports on Form 8-K</P>


<P>          (a)  Exhibits - None</P>


<P>          (b)  No reports on Form 8-K have been filed during the quarter for which this report is filed.</P>
<BR><BR><BR><BR><BR><BR><BR><BR><P ALIGN=CENTER>14</P>



<a name="sigs"></a>
<TABLE WIDTH=600 CELLPADDING=0 CELLSPACING=0 BORDER=0 >
<TR align=center>
<TH colspan=2>SIGNATURE</TH>
</TR>

<TR>
<TD><FONT SIZE=3>  </FONT></TD>
<TD><FONT SIZE=3>  </FONT></TD>
</TR>

<TR>
<TD><FONT SIZE=3>  </FONT></TD>
<TD><FONT SIZE=3>  </FONT></TD>
</TR>

<TR>
<TD><FONT SIZE=3>  </FONT></TD>
<TD><FONT SIZE=3>  </FONT></TD>
</TR>

<TR>
<TD><FONT SIZE=3>  </FONT></TD>
<TD><FONT SIZE=3>  </FONT></TD>
</TR>

<TR>
<TD COLSPAN=2><FONT SIZE=3>     Pursuant to the requirements of the Securities Exchange Act of 1934, the

registrant has duly caused this report to be signed on its behalf by the undersigned there-unto duly authorized.</FONT></TD>
</TR>

<TR>
<TD><FONT SIZE=3>  </FONT></TD>
<TD><FONT SIZE=3>  </FONT></TD>
</TR>

<TR>
<TD WIDTH=50%><FONT SIZE=3>  </FONT></TD>
<TD WIDTH=50%><FONT SIZE=3>ETHYL CORPORATION </FONT></TD>
</TR>

<TR>
<TD WIDTH=50%><FONT SIZE=3>  </FONT></TD>
<TD WIDTH=50%><FONT SIZE=3>  (Registrant) </FONT></TD>
</TR>
<TR>
<TD><FONT SIZE=3>  </FONT></TD>
<TD><FONT SIZE=3>  </FONT></TD>
</TR>
<TR>
<TD><FONT SIZE=3>  </FONT></TD>
<TD><FONT SIZE=3>  </FONT></TD>
</TR>

<TR>
<TD><FONT SIZE=3>Date:  April 28, 2000 </FONT></TD>
<TD><FONT SIZE=3></FONT>By:  s/ J. Robert Mooney</TD>
</TR>

<TR>
<TD><FONT SIZE=3>  </FONT></TD>
<TD><FONT SIZE=3>J. Robert Mooney </FONT></TD>
</TR>

<TR>
<TD><FONT SIZE=3>  </FONT></TD>
<TD><FONT SIZE=3>Senior Vice President and </FONT></TD>
</TR>

<TR>
<TD><FONT SIZE=3>  </FONT></TD>
<TD><FONT SIZE=3>Chief Financial Officer </FONT></TD>
</TR>

<TR>
<TD><FONT SIZE=3>  </FONT></TD>
<TD><FONT SIZE=3>(Principal Financial Officer) </FONT></TD>
</TR>

<TR>
<TD><FONT SIZE=3>  </FONT></TD>
<TD><FONT SIZE=3>  </FONT></TD>
</TR>

<TR>
<TD><FONT SIZE=3>  </FONT></TD>
<TD><FONT SIZE=3>  </FONT></TD>
</TR>

<TR>
<TD><FONT SIZE=3>Date:  April 28, 2000 </FONT></TD>
<TD><FONT SIZE=3></FONT>By:  s/ Wayne C. Drinkwater</TD>
</TR>

<TR>
<TD><FONT SIZE=3>  </FONT></TD>
<TD><FONT SIZE=3></FONT>Wayne C. Drinkwater</TD>
</TR>

<TR>
<TD><FONT SIZE=3>  </FONT></TD>
<TD><FONT SIZE=3>Controller </FONT></TD>
</TR>

<TR>
<TD><FONT SIZE=3>  </FONT></TD>
<TD><FONT SIZE=3>(Principal Accounting Officer) </FONT></TD>
</TR>

<TR>
<TD><FONT SIZE=3>  </FONT></TD>
<TD><FONT SIZE=3>  </FONT></TD>
</TR>

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<TD><FONT SIZE=3>  </FONT></TD>
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</TR>

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<TD><FONT SIZE=3>  </FONT></TD>
<TD><FONT SIZE=3>  </FONT></TD>
</TR>

<TR>
<TD><FONT SIZE=3>  </FONT></TD>
<TD><FONT SIZE=3>  </FONT></TD>
</TR>

<TR>
<TD><FONT SIZE=3>  </FONT></TD>
<TD><FONT SIZE=3>  </FONT></TD>
</TR>


</TABLE>


<P ALIGN=CENTER><FONT SIZE=3>15</FONT></P>

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