This may not bode well for the Aussie Situation........but could ?

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When Hess Corp. (HES) directors meet Wednesday in New York, it will be the first time in more than half a century that the oil company's chairman isn't a member of the namesake founding family.

But although John Hess gave up the chairman's post under shareholder pressure in May, those who know the chief executive say he is determined to continue running the company and to improve its profits and stock-market performance.

It won't be easy. Hess spent about $2.5 billion more than it brought in from operations during 2012, and some of its efforts to strike oil and gas in recent years have come up dry. Its stock has fallen roughly 49% since peaking in 2008, sending its market value down to about $23 billion. The stock rose 2% to $68.79 Monday.

Adding to the pressure on 59-year-old Mr. Hess, he must answer to a newly revamped board that includes three directors installed last month by a dissident shareholder.

"Hess [Corp.] is a disaster," said Morningstar Inc. analyst Stephen Simko. If the company doesn't become more efficient in spending money, he said, Mr. Hess's future as CEO could be in doubt.

Mr. Hess declined to be interviewed. But he has pledged to turn things around by selling the company's network of gasoline stations and other assets, using the proceeds to pare debt, increase dividends and repurchase $4 billion worth of stock. Hess also is seeking to trim $150 million from its annual costs, which totaled $7.5 billion in 2012, up from $6.5 billion in 2011.