Heat butter and oil in a large saucepan. Saute the onion and chicken for three minutes. Add rice and italian seasoning, cook for 2 minutes. Add the bouillan cubes, water and bay leaf. Bring to a boil. Stir once and lower heat to simmer. Cover and cook for 18 minutes or until rice is creamy and water is absorbed. Remove bay leaf. Lightly toss with parmesan cheese and parsley. Serve.