For the steaks: Remove the steaks from the refrigerator. Season all sides of each steak with salt and pepper. Let sit at room temperature for 30 minutes.

For the ranch butter: In a small bowl, combine the softened butter, ranch seasoning, and parsley. Mash with a fork to combine and mix well. Transfer the butter to a piece of plastic wrap and roll into a little log. Refrigerate for at least 30 minutes.

For the grill: Preheat a grill (charcoal or gas) to medium-high heat (400°F-450°F) with the coals or flames under only one half of the grill. Place the steak over direct heat (the side with the flame or coals). Cook for 3-5 minutes, until grill marks form. Flip, and continue to cook over direct heat for another 3-5 minutes. (Cover the grill if flare-ups occur.) Move the steaks to indirect heat (the side with no coals). Cover and cook for an additional 8-16 minutes, or until the internal temperature closest to the bone reaches 132°F (for medium rare). Remove the steak from the grill and transfer to a cutting board.

Alternatively, cook in a skillet: Preheat the oven to 375°F. Heat a large cast-iron skillet over medium-high heat until very hot. Add 1 tablespoon of oil and swirl to coat the skillet. Place one steak in the skillet and sear for about 5 minutes, until a golden crust forms. Flip and sear for another 3-5 minutes. Using a spoon, tilt the pan and remove some of the rendered fat; discard. Reduce the heat to medium. Turn the steak onto its fat cap (lean it against the side of the pan, if needed) and sear for 1 minute. Return the steak to its second seared side and transfer the skillet to the oven for 8–16 minutes, or until the internal temperature closest to the bone reaches 132°F (for medium rare). Remove the steak from the pan and transfer to a cutting board. Carefully wipe out the skillet and repeat with the remaining steak.

Top steaks with slices of ranch butter and let rest for 5 minutes. Carve the steak off the bone (but save that for eating!) and thinly slice against the grain. Serve immediately.