• Preheat oven to 375 degrees F.
• Place the pecans on a small baking sheet and bake for 3 to 4 minutes, or until fragrant and nicely toasted. Remove from the oven and set aside.
• Melt the butter with the oil in a heavy 2-quart oven-proof sauté pan or deep skillet over MEDIUM heat. Add the shallots and sauté until translucent, 2 to 3 minutes. Add the rice and stir until the grains are well coated, about 3 minutes. Stir in the broth, dried cranberries, bay leaf, thyme, sea salt and pepper. Bring to a simmer, stir and cover.

Oven Method

• Transfer the pan to the oven and bake until all the liquid has been absorbed and the rice is tender, about 40 minutes.

Stovetop Method

• Follow as directed but instead of transferring to the oven, cover, reduce heat under the pan to LOW and cook for 30 minutes or until all the liquid has been absorbed and rice is tender.

To Finish the Rice for Both Methods

• Remove and discard the bay leaf. Use a spoon to scrape the thyme leaves from the sprigs into the rice mixture and discard the sprigs. Taste and season with additional sea salt and pepper, if desired. Coarsely chop the pecans and stir them into the cooked rice along with the parsley and mix well to fluff it up. Serve immediately.