"With the long-term sustainability of our Los Angeles Refinery uncertain and affected by market dynamics, we are working with leading land development firms to evaluate the future use of our unique and strategically located properties near the Port of Los Angeles," CEO Mark Lashier said in a statement.
"Phillips 66 remains committed to serving California and will continue to take the necessary steps to meet our commercial and customer demands."
The closure will impact 600 employees and 300 contractors who help operate the refinery, the company said in a news release.
Phillips 66's decision to close was not related to the new law, the company said. It said it supported the state's efforts to keep certain levels of fuel on hand to meet consumer needs.
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