Set the Instant Pot to the sauté mode. Add in the olive oil and butter, allow butter to melt before browning the meat for 2-3 minutes on each side. Remove from the Instant Pot and set aside.
Add all of the remaining ingredients except for the cream and use a wooden spoon to deglaze the pan and scrape up any bits that may be stuck to the bottom. Return the chicken to the pot and seal.