Preheat oven to 400°F. Grease a 10 x 15-inch jelly roll pan and set aside.
Place butter, shortening, water, and cocoa powder in a saucepan. Bring to a boil, whisking just until the butter and shortening melt. Remove from the heat.
In a large bowl, whisk together sugar, flour, baking soda and salt. Pour the hot butter mixture over the flour mixture. Use an electric mixer to beat on medium speed for 1 minute.
Add eggs, vanilla extract and buttermilk. Beat on medium speed for 1 more minute.
Pour the batter into the prepared pan. Tap on the counter a few times to release air bubbles. Bake for 20-23 minutes, or until a toothpick inserted in the center comes out clean. Place the cake pan on a wire rack and immediately prepare the frosting. If your cake has a rounded top on it when it comes out of the oven, use your hands, oven mits, or a dish towel to gently press down on the top of the cake to create a flat surface. You need a relatively flat top so that the icing will not run off the sides.
While the cake is still warm, prepare the frosting.