In a bowl mash together the butter, parsley, chives, lemon zest and salt until well combined.
Spoon the butter onto a piece of plastic wrap or parchment paper, shape into a log and wrap well. Chill until ready to use, at least 2 hours and up to 1 week.
For the red wine reduction:
Heat a medium pot over medium-low heat, add the olive oil and heat through. Add the shallots and sauté until they become soft and translucent, about 5 minutes. Add the garlic and cook until fragrant, about 30 seconds.
Add the red wine and bring to a boil over medium-high heat, until it reduces by about ⅓, about 7 minutes.
Add the beef stock, bay leaf, thyme and peppercorns. Return the mixture to a boil and reduce until it’s thick and syrup-like, about an additional 6 to 8 minutes. Strain then return to the pot.
Whisk in the butter 1 tablespoon (14g) at a time until all has all been incorporated. Season to taste with salt. Set aside until ready to serve.
For the steak:
Season the steaks generously with salt and pepper.
Heat a large cast iron skillet over medium-high heat. Add the oil and heat through then add the steaks and sear until browned, about 4 minutes. Flip the steaks and add 2 slices of the herb compound butter and continue to cook until browned, about another 4 minutes for medium-rare.
Transfer the meat to a cutting board and let the meat set for 10 minutes before cutting. Slice the meat against the grain.
To serve, spoon red wine reduction onto each plate, then place the slices of steak on top. Top steak with a slice of the garlic butter so it melts into it.