Engine rpms cut down

I have an OLD Johnson 40 horse on my pontoon. Took it out first time this yr and after 4-5 minutes the rpms cut down to 2000 and we limped back to dock. I had put in 5 gal of fresh gas since it was empty, but forgot to add the oil. Could this be the cause? Does it have a governor on it that once it gets to a temperature, it cuts back?

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