Preheat oven to 350 degrees Fahrenheit and prepare three 8-inch cake pans by spraying generously with non-stick spray and place a round of parchment in the bottom of each. Set aside.
In a stand mixer or with a hand mixer, beat the butter and sugar together until smooth.
Add in the oil and vanilla extract and mix until just combined. Add eggs, mixing until combined.
Add the buttermilk to a liquid measuring cup and set aside.
Add the flour, cocoa powder, baking powder, espresso powder, and salt to a medium bowl and whisk to combine.
Add 1/3 of the dry mixture to the stand mixer and mix until no dry spots are remaining. Add half of the buttermilk and mix well.
Continue alternating until all the dry ingredients are incorporated.
Add the food color last and mix until the color is well incorporated.
Divide the batter evenly between the three cake pans and bake for 18-20 minutes until a toothpick inserted in the center of each cake comes out clean.
Remove from the oven and allow to cool in the pan for about 10 minutes then transfer to a wire rack to cool completely.
Once the cake layers are cool. Make the frosting by adding the butter and cream cheese into the bowl of a stand mixer and mix for 3- 5 minutes until smooth and fluffy.
Add half of the powdered sugar and mix well until combined.
Add the remaining powdered sugar, vanilla, and heavy cream and mix on low until combined. Increase the speed to high for 1-2 minutes until fluffy and smooth.
To assemble: Take on cake layer and place face down on a cake tray. Add about 1 ½-2 cups frosting on top of the cake and smooth. Continue with each cake layer.
Once you have used all the layers, take half of the remaining frosting and smooth all over the outside of the cake.
Place the cake in the refrigerator for 15-20 minutes to allow the frosting to set slightly.
Remove from the refrigerator and smooth the remaining frosting over the outside of the cake.
Serve immediately or keep stored in the refrigerator until ready to serve.
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