Not mentioned are the tightening EPA regulations that have reduced the payoff for investing capital in refining capacity, to the point it is no longer worth it.
Still, "angel investors" of the venture capital world see the carried interest payoff as their reward at the end of years of building a company from scratch.
Before the split some dealmakers drew up a proposal to take a cut of the profits on their deals (a "carried-interest split"), the sort of payoff now routine in venture capital.