Place a clean skillet over medium heat. Add the butter and a 2-count drizzle of oil. When the butter starts to foam, add the shallots and saute for 2 minutes to soften. Add the mushrooms and thyme; season with salt and pepper. Stir everything together for a few minutes. Add the red wine, stirring to scrape up any stuck bits; then cook and stir to evaporate the alcohol. When the wine is almost all gone, add the reserved beef juices. Let the liquid cook down and then take it off the heat. Stir in the cream and chives, and season with salt and pepper.
Recipe courtesy of Tyler Florence