Classic Beef Stew

I made this simple stew for a large gathering and there wasn't a drop left! It's really good! It's even better made a day or two in advance.

1 tablespoon butter, divided
1 tablespoon canola oil, divided
1-1/2 lb. boneless beef chuck, cubed (1-1/2 inches)
2 tablespoons flour
1/4 teaspoon salt
1/4 teaspoon pepper
1 cup dry red wine or tomato juice
1-1/2 cups beef broth
1 cup frozen pearl onions
3 medium carrots, cut into 1-inch pieces
3 medium parsnips, cut into 1-inch pieces
1 tablespoon tomato paste
1 large garlic clove, minced
1 bay leaf
1 teaspoon chopped fresh thyme
1/2 cup frozen peas
2 tablespoons chopped fresh parsley

Heat 1/2 tablespoon of the butter and 1/2 tablespoon of the oil in large pot over medium-high heat until hot and butter is melted. Add beef in batches; cook 6-8 minutes or until browned on all sides, adding remaining butter and oil between batches. Place in large bowl; stir in flour, salt and pepper. Discard excess drippings from pot. Add wine; bring to a boil. Boil 1 minute, stirring to scrape up any browned bits from bottom of pot. Add broth; bring to a boil. Stir in beef and any accumulated juices and all remaining ingredients except peas and parsley; bring to a boil. Reduce heat to low; cover and simmer 1 hour. Remove cover; simmer 30 minutes, adding peas during last 5 minutes of cooking. Remove bay leaf; sprinkle with parsley.