Results from new experiments on the lubricated pipelining of emulsified waxy crude oil and No. 6 fuel oil are presented and compared with other sources of literature. A correlation formula which estimates the holdup fraction is introduced and evaluated for all available experimental data. A simple theory is given which is based on the concentric core-annular flow model and leads to a Reynolds number and friction factor which reduce a large body of experimental data onto one curve; with the best results in the high Reynolds number flow regime.