In a large pot or dutch oven, melt 2 Tbsp butter over medium high. Add chicken and sear both sides until golden. Set aside.
Add the remaining butter, along with the onion, bell pepper, diced jalapeños and green chilis. Sauté for 2-3 minutes. (*Note 5)
Add the garlic, cumin, oregano, salt, paprika, cayenne and black pepper and sauté for 1 minute. (*Note 6)
Add the seared chicken and chicken broth to pot. Bring to boil, then turn down heat to low, cover pot and simmer for 15-20 minutes until chicken is cooked and ready to be shredded.
Remove chicken from chili, shred it and return it to pot.
Add cream cheese and heavy whipping cream and simmer for 8-10 minutes until cream cheese has melted and is fully incorporated into the chili.