Add the butter and olive oil to a medium saucepan (about 3 quarts) over medium heat.
When the butter is melted and sizzling, add the rice. Cook for 5 minutes, stirring occasionally to coat it with oil and prevent burning.
Add the paprika, garlic powder, dried parsley, dehydrated onion, black pepper, cumin, and crushed red pepper (if using). Stir well to combine.
Pour in the chicken broth while stirring, then add the chicken base and stir until dissolved.
Raise the heat to high and bring the broth to a boil (about 2–3 minutes).
Reduce the heat to medium and let the broth simmer until the liquid is almost gone and the rice is visible on the surface (about 10 minutes). Stir occasionally and briefly to prevent sticking.
Lower the heat to low, cover the saucepan, and cook for 20 minutes, or until the rice is no longer hard in the center. Stir only once halfway through cooking.
Once done, uncover the pan and fluff the rice with a fork, allowing the steam to escape.
Taste and add salt if needed (as a reference, we added a pinch to ours).
Transfer the rice to a serving plate and garnish with fresh parsley, if desired.