The company specialises in marketing and selling fuels.
Phillips 66 currently have three sites, one at The Humber Refinery in Lincolnshire, one in London and another in Warwick.
Around 120 people are currently employed at the Phillips 66 office in Warwick and in 2006 the office was awarded the Warwickshire Employer of Choice. The company also sponsor Leamington Football Club’s ground.
Today the company confirmed that there are proposals to shut down the office in Warwick. It is believed the organisation will try and relocate some of the jobs to its other two sites.
It is currently unknown what will happen to the 120 jobs people hold at the office.
A spokesperson from Phillips 66 said: “Phillips 66 is committed to its future in the UK, as demonstrated by continued investment.
“The UK businesses recently initiated a review to ensure it was well-positioned for a sustainable future in a challenging and ever-evolving market.
“The review has resulted in a proposed repositioning of our business.
“The proposal streamlines our support functions and consolidates the business into two core locations: the Humber Refinery, the heart of our UK business, and London, the commercial and trading centre of the UK.
“As a result it is proposed that our Warwick office will be closing first quarter 2018.
“The proposed repositioning is subject to the completion of the necessary Information and Consultation processes.”