Sprinkle beef tenderloin steaks with salt and cracked pepper.
Combine olive oil and butter in a large skillet, and cook over medium heat until the butter melts. Add steaks to mixture in skillet,, and cook 5 minutes on each side. Remove steaks to a serving platter, and keep warm.
Drain the drippings from the skillet, reserving 2 tablespoons drippings in the skillet. Saute the shallots in drippings until tender. Add cognac, and cook over medium heat, deglazing the skillet by scraping the particles that cling to the bottom. Gradually stir in the whipping cream and cook until thoroughly heated. Pour the sauce over the steaks. Garnish with parsley if desired.