Heat the olive oil and butter in a Dutch oven or heavy-bottomed pot over medium heat.
Add the Street Taco Barbacoa seasoning to the oil and butter. Cook for about 2 minutes, stirring frequently, to bloom the spices.
Add the chopped onion and diced jalapeño. Cook, stirring occasionally, until the veggies are cooked down, about 8-10 minutes.
Add the rinsed and drained beans to the pot and stir to combine.
Add the water and chicken bouillon cube. Stir well to dissolve the bouillon.
Bring to a simmer, then reduce heat to low. Let simmer uncovered for 30 minutes, stirring occasionally.
Using a potato masher or fork, mash some of the beans directly in the pot to thicken the mixture and create a creamier texture. Leave some beans whole for texture.
Taste and season with salt and pepper as needed.
