The present invention is directed to a method for preparing an unsulfurized, carboxylate-containing additive for lubricating oils and the product produced by said method, wherein said method comprises a) neutralization of a mixture of at least two alkyl phenols using an alkaline earth base in the presence of a promoter, to produce a mixture of alkyl phenates, wherein the mixture of at least two alkyl phenols comprises at least a first alkyl phenol wherein the alkyl group is derived from an isomerized alpha olefin and a second alkyl phenol wherein the alkyl group is derived from a branched chain olefin; (b) carboxylation of the mixture of alkyl phenates obtained in step (a) using carbon dioxide under carboxylation conditions sufficient to convert at least 20 mole % of the starting alkyl phenols to alkyl salicylate; and (c) removal of at least about 10% of the starting mixture of at least two alkyl phenols from the product produced in step (b) to produce said additive.