Rinse scallops and pat dry. Sprinkle with salt and pepper.
Add oil and 1 tablespoon butter to a large skillet; heat over medium high heat about 1 minute. Add scallops to pan, a few at a time, cooking 1-2 minute per side or until they are golden brown on the outside but still translucent in the middle. Place scallops on a heated platter and cover with foil.
Return skillet to burner and add shallots and cook for about 2 minutes. Add wine, lemon juice and thyme to pan and cook another 2-3 minutes. Remove from heat and stir in remaining tablespoon of butter. Return scallops to the pan and toss with the sauce. Serve immediately.
Note: You can sauté scallops in olive oil or other oil only; adding some butter, however, gives them a nice golden brown color.