Heat a large skillet over medium heat and add oil and 2tbsp of the butter. Once butter is melted add ground chicken, chili powder, salt and black pepper. Cook for aprox 8-10, stirring and breaking up large chunks of meat as it cooks.
Mix remaining 6tbsp butter, chicken broth, heavy cream, cream cheese, onion powder, cumin and hot sauce in a large pot with a heavy bottom. Bring to a simmer until butter and cheese are melted about 5 minutes, stirring to prevent scorching.
Add chicken, jack cheeese and green chilis to the pot. Reduce heat to low and let cook for an additional 20 minutes, stirring occasionally.