In a heavy saute pan, over medium heat, add olive oil and 1 tablespoons butter. Place steaks in pan and cook for 2 to 2-1/2 minutes on each side to medium-rare. Set aside.
Pour off most of the fat, reduce heat to medium and add shallots. Cook, stirring until soft. Add cabernet and reduce to glaze. Add broth and reduce by half. Add cream and reduce until thickened. Season with salt. Pour over steak and serve.