Second-quarter midstream earnings have finally started to trickle in, as energy giants Kinder Morgan Energy Partners (NYSE: KMP) and TransCanada (TRP -0.33%) have reported, as well as a couple of smaller outfits, EQT Midstream Partners (EQT 3.82%) and NuStar Energy (NS -0.70%). The industry is off to a great start, and the week was made even more impressive by a spectacular midstream IPO. More on that later, but first the earnings recap.

Q2 Earnings round-up
Kinder Morgan kicked off second-quarter reporting for the midstream industry 10 days ago, posting some knockout numbers. Much of the growth at Kinder Morgan was driven by its recent acquisition of Copano Energy, as well as dropdowns from its 2012 acquisition of El Paso. Four out of Kinder Morgan's five business segments posted year-over-year growth, and all of the Kinder Morgan entities increased their distributions to investors.

TransCanada reported on Friday, and investors were either disappointed or delighted, depending on how high they set their expectations. The company missed analyst estimates but increased revenue and earnings per share on a year-over-year basis. Two of its three business segments posted growth compared with the second quarter last year, including its energy segment, which nearly doubled.

EQT Midstream Partners (EQT 3.82%) officially has four full quarters under its public-company belt, and things are going pretty well for the tiny midstream. It reported Friday, announcing that adjusted operating income was 24% higher year over year. Distributable cash flow was $21.1 million for the quarter and led to an 8% increase sequentially in the partnership's distribution payment. EQT Midstream announced that it was increasing its yearlong guidance range for adjusted EBITDA, now $113 million to $118 million, and distributable cash flow, now $95 million to $100 million.

NuStar Energy (NS -0.70%) executed a 180-degree turnaround from the second quarter of 2012. The partnership posted EBITDA of $112.8 million, compared with a loss of $161.4 million a year ago. As a result, distributable cash flow increased from $31.5 million last year to $55.1 million this year. Much of the downside to the 2012 numbers came at the hands of asset impairment charges related to business restructuring, as the partnership moved to limit its exposure to margin-based revenue. The Eagle Ford shale drove organic growth at NuStar for the quarter, which is more or less an industry trend right now.

More to come
In addition to earnings season, two new midstream MLPs joined the fray this week, as Phillips 66 Partners (PSXP) and Marlin Midstream Partners both held initial public offerings. Phillips 66 Partners had the market really moving on Tuesday, climbing more than 29% on its first day of trading. Marlin Midstream was more or less a dud, falling 2.5% when it made its debut on Friday.

On deck
Of course, the great majority of midstream companies have yet to report. Next week Enbridge, Enterprise Products Partners, and Magellan Midstream Partners all report on Thursday, Aug. 1.