Using a vegetable peeler, peel the lower third of each asparagus spear, snap off the base and discard; cut the remaining spears into 4 pieces each.
Heat the water in a medium (8-to-9-inch) skillet over medium-high heat; add salt and the asparagus. Cover and cook until just tender, 2 to 3 minutes. Add pepper, butter and oil and bring to a strong boil to emulsify the sauce. Taste and adjust the seasoning. Sprinkle with chives and serve immediately.