Heat 1 tablespoon oil in a medium skillet over high heat. Season both sides of steak with salt and pepper and place into hot skillet. Lower heat to medium high and cook 3-4 minutes on each side until cooked to desired doneness. Remove steaks and allow to rest.
Add remaining olive oil to pan. Add mushrooms and shallots and season with salt and pepper. Cook for 3 minutes, stirring occasionally.
Add beef broth and thyme and stir to deglaze the pan. Simmer for 2 minutes until reduced by half.
Add cream and simmer for 2-3 minutes until sauce has thickened.