Add the beeswax and coconut oil to a double boiler or candle wax melting pot.
Bring the water to a simmer over medium heat.
Allow the ingredients to melt, stirring with a wooden skewer.
Pour into a small glass jar and allow to cool to room temperature. Cover with a lid.
Apply finished wood butter to clean wooden utensils, rubbing into the wood. Remove any excess with a soft cloth. Use regularly to keep wood utensils conditioned.