Oil based compositions are disclosed which are comprised of oil having a multi-functional additive component therein. The additive component is present in sufficient amounts so as to provide improved performance characteristics to the composition such as water tolerance and antiwear characteristics. The additive is a compound represented by the general structural formula (I): ##STR1## wherein R is a hydrocarbyl, preferably iso-stearyl, R.sub.1, R.sub.2, and R.sub.3 are independently hydrogen or alkyl, preferably hydrogen, n is 1 to 20, preferably 5, and X is a cation, preferably Ca. Overbased and mixed salts of the additive compound are also disclosed. The additive is an effective EP agent, water tolerance fix in a variety of functional fluids and lubricating compositions.