Japan’s largest oil refiner fell 37 spots from last year’s Global 500 after the company’s 2014 revenue sank by 12.3%. JX Holdings also reported its largest annual loss ever—more than $2.2 billion—last year, thanks to plummeting demand for oil in Japan. JX has a plan in place to cut spending by nearly 25% over three years and the company is considering other strategic options, including potential mergers or even a shift away from oil-based products.