By Steve Gelsi, MarketWatch NEW YORK (MarketWatch) -- Energy stocks moved to recover Wednesday after bruising losses in the previous session, as crude-oil prices rose and investors reacted to earnings updates from Royal Dutch Shell, Hess Corp. and others. Weekly oil inventory data also is on the radar screen, along with a closely watched interest rate statement from the U.S. Federal Reserve scheduled for later in the session. Crude-oil futures rose 45 cents to $82.89, lending support for equities tied to the oil business. The NYSE Arca Oil Index (XOI 1,101, +5.31, +0.48%) rose 0.6% to 1,102. The NYSE Arca Natural Gas Index (XNG 562.63, +1.22, +0.22%) rose 0.2% to 563. The Philadelphia Oil Service Index (OSX 218.82, +0.78, +0.36%) advanced 0.8% to 220. Among stocks in the spotlight, BP (BP 57.13, +0.80, +1.42%) rose 1.2% to $57. The U.S. Coast Guard said it may attempt to set fire to an oil slick near the sunken Deepwater Horizon rig to keep it from reaching the shoreline in coming days. BP led a consortium using the Transocean rig that blew up and sank last week, with 11 workers still missing. Royal Dutch Shell (RDS.A 62.09, +1.02, +1.67%) said its first-quarter profit climbed 57% to $5.48 billion, as oil and gas prices rose and production climbed 6% to 3.59 million barrels of oil equivalent a day. Excluding items and the impact of energy price changes on unsold inventory, Shell's earnings climbed to $4.82 billion from $3.01 billion, topping analyst estimates. Shares rose 2% to $62.37. See full story. Hess Corp. (HES 63.99, +0.64, +1.01%) , the New York-based integrated oil company, said it swung to first-quarter net income from a year-earlier net loss on 34% higher revenue. Profit was $538 million, or $1.65 a share, compared with a loss of $59 million, or 18 cents, in the year-earlier quarter. Revenue reached $9.22 billion from $6.87 billion. A survey of analysts by FactSet Research produced consensus estimates for the quarter of $1.08 a share of profit on $8.56 billion of revenue. Production of oil and gas rose 8.5% from the year-earlier period, to 423,000 barrels a day from 390,000. Shares rose 1.8% to $64.46. The Department of Justice said Tuesday it reached a settlement to allow Baker Hughes (BHI 50.69, -0.25, -0.49%) to buy BJ Services (BJS 22.94, 0.00, 0.00%) , a $7 billion market cap oil services firm. Regulators will require Baker Hughes and BJ Services to divest two specially equipped vessels and other assets to proceed with their merger. Shares of Baker Hughes rose 0.2% to $51.04. BJ Services rose 0.8% to $23.13. Smith International (SII 47.35, +0.08, +0.17%) said it earned 19 cents a share in the first quarter, ahead of the analyst estimate of 17 cents a share. Revenue edged up to $2.14 billion from $2.08 billion, amid increased drilling activity in the North American market. Shares rose 1% to $47.71. Range Resources (RRC 48.13, -0.80, -1.64%) said it earned 16 cents a share, ahead of the estimate of 14 cents a share. Revenue dipped to $236 million from $246 million as production fell 29% after the sale of its West Texas properties. Shares dipped 0.2% to $48.82.

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