Abstract: A water-based drilling mud composition may include an aqueous carrier, an asphalt sulfonate salt, and insoluble latex particles. The insoluble latex particles promote stabilization of an emulsion formed in response to introduction of an oil phase in the composition. The composition may include the emulsion including an oil phase dispersed as droplets in the aqueous carrier. The dispersed insoluble latex particles may be present in an oil-water interface between the oil phase and an aqueous phase of the aqueous carrier.