Add bacon to a cold cast iron pan, turn heat to medium and cook until crispy. Remove to a paper towel.
Lower heat. Add oil and butter to the bacon grease in pan.
Add garlic and shallots to pan and cook 5 minutes.
Sprinkle in the flour and cook 2 minutes.
Increase heat and deglaze pan with the broth.
Add cream and cheese, stirring to melt cheese.
Lower to a simmer.