Remove the steaks from the refrigerator 20-30 minutes before cooking.
Coarsely crack the peppercorn by placing them in a plastic bag and and pounding with a heavy object, such as a meat mallet.
Salt and pepper the steaks on both sides.
Heat a heavy skillet to medium-high heat. Add the olive oil and half the butter. Then add the steaks.
Sear the first side of the steaks well before flipping to sear the second side. About 4 minutes per side for medium rare. But use a meat thermometer to ensure your steaks are cooked to desired temperature.
Remove steaks to a plate, lightly tent with tin foil, and set aide.
To the same pan, add the remaining butter and caramelize the shallots, 1-2 minutes.
Add the peppercorns and cook for another minute.
Add the cognac and beef consommé and cook for another minute.
Turn the flame down to medium-low and slowly stir in the cream. Cook for 3-4 minutes until thickened but still pourable.
Plate the steaks and pour the peppercorn cream sauce over the center and around the sides for a nice presentation, then serve.