In 12-inch nonstick skillet, heat oil and butter over medium-low heat until butter is melted.
Toss remaining ingredients with butter mixture in skillet, then spread evenly in skillet. Cook about 10 to 12 minutes, stirring occasionally, until potatoes are just barely tender.
Increase heat to medium. Cook about 10 minutes longer, turning potatoes occasionally with pancake turner, until potatoes are browned and tender.