Season the ribeye steak on both sides with coarse salt and freshly cracked pepper. Let it sit at room temperature for about 30 minutes.

In a large frying pan, pour in a tablespoon of olive oil and heat it over high heat until it lightly smokes.

Carefully place the seasoned ribeye steak into the hot pan. Immediately reduce the heat to medium-high and cook the steak untouched for 1 minute.

Gently move the steak around the pan for a few seconds, then flip it over and let it cook for another minute.

Lower the heat to medium and toss in the peeled shallots, garlic, thyme, and butter around the steak. Baste the steak with the melted herb butter.

After 2 minutes of basting, check the internal temperature of the steak with a meat thermometer aiming for 130°F for medium-rare.

Remove the ribeye steak from the skillet and let it rest for 3-4 minutes.

After resting, slice the steak against the grain and serve with any remaining pan juices drizzled over the top.