In a medium saucepan over medium-low heat, add 1/2 cup of butter and oil.
Once the butter is melted, add onions and stir fry until they’re soft. (Turn the heat down if your onions start to brown too fast.)
Add garlic and sauté until fragrant, about 1 minute.
Add Old Bay seasoning, lemon pepper, paprika, cayenne pepper, red pepper flakes, lemon juice, and brown sugar. Mix together.
Turn the heat to low and add the remaining butter.
Simmer until the butter is melted, stirring constantly.
Add chicken broth and cook for a few minutes until the sauce is slightly thickened.
Remove from heat. Pour the sauce over your favorite seafood boil or serve it as a dipping sauce.