Melt the butter and olive oil in a large, heavy skillet or Dutch oven over medium-low heat.
3 tablespoons salted butter, 1 tablespoon olive oil
Add the onions, salt, pepper, thyme, rosemary, and bay leaf. Stir well to coat.
3 pounds sweet onions, 1 teaspon kosher salt, ½ teaspoon black pepper, 3 sprigs fresh thyme, 1 sprig fresh rosemary, 1 bay leaf
Cover and cook for 12 to 15 minutes, stirring once or twice, until the onions have softened.
Uncover and keep cooking over medium-low heat for 25 to 35 minutes, stirring every few minutes and scraping the pan often, until the onions are deep golden and very soft.
Pour in the sherry and stir, scraping up any browned bits. Cook for 3 to 5 minutes more, until the liquid is mostly reduced and the onions are glossy and jammy.
¾ cup sherry wine
Remove and discard the thyme stems, rosemary, and bay leaf. Serve warm.