Phillips 66 announced it will shutter its Los Angeles-area refinery by the end of 2025, just days after the California governor signed a new law tightening restrictions on oil and gas companies. The refinery accounts for about 8 percent of the refining capacity in the state and employs approximately 600 workers and 300 contractors in the 650-acre facilities.

California Gov. Gavin Newsom's bill would require oil refineries in the state to maintain a minimum amount of oil supply.

Phillips 66 announced Wednesday that it will close its southern Los Angeles County refinery operations next year. Citing uncertainty about future sustainability of the refinery complex, which includes two facilities linked by a pipeline in Wilmington and Carson, the company's chair and CEO announced the decision in a statement.