NewMarket (NEU) said late Thursday it received board approval for a new share repurchase program for up to $500 million of its common stock.

The new program runs until Dec. 31, 2027, and replaces the current $500 million program expiring at the end of this year.

The company said it may buy shares in the open market or through privately negotiated transactions.

Shares of NewMarket were up nearly 1% in after-hours activity.