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Preheat the oven to 350 degrees. Grease and flour three 8" or 9" round pans.
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In the bowl of your mixer, cream together butter, oil, and sugar until light and fluffy, about 5 minutes.
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Add the vanilla and egg whites and beat until batter is light and airy, about 5 minutes on medium speed.
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In a separate bowl, whisk together flour, baking powder, and salt.
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Add half of the dry ingredients to the batter and mix until just combined.
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Add the buttermilk and mix until just combined.
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Add remaining dry mixture, mixing until combined and scraping down the sides of the bowl.
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Evenly spoon batter into prepared pans.
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Bake cakes for 22-25 minutes or until a knife is inserted in the center and comes out with only a few coarse crumbs. Remove cakes from oven and cool for 5 minutes in pans, then transfer cakes to a wire cooling rack to cool completely.