Heat the olive oil in a large saucepan over medium heat. Add the onion and garlic and cook until softened, about 3 minutes. Stir in the rice and cook until lightly toasted, about 2 minutes.
Add the boiling chicken broth to the saucepan, stirring constantly until all of the liquid is absorbed. Reduce the heat to low and simmer for 20 minutes or until most of the liquid is absorbed.
Stir in the salt, pepper, butter and asparagus. Cook for an additional 5 minutes or until all of the liquid is absorbed.