heat a large pot over medium-high heat; add a large drizzle of olive oil and butter. add onions and 1 tsp salt. cook, stirring occasionally, until onions are slightly softened and browned, 8-10 minutes. stir in ¼ cup water, scraping up any browned bits from bottom of pan. cook, without stirring, 8-10 minutes more. add another ¼ cup water, scraping up any browned bits from bottom of pan; cook, stirring occasionally, until deeply browned and caramelized, 8-10 minutes more. if onions start to burn, add a splash of water.