Rub steak with olive oil. Season generously with salt and pepper.
Lightly coat grates with vegetable oil spray. Close cooking chamber lids.
Place 3-5 lbs. of charcoal, in center of the firebox. Open the firebox air vent approximately 1-2″, and smokestack damper halfway. With firebox lid open, stand back, carefully light charcoal and allow to burn until covered with a light ash. (Approximately 20 minutes)
Once coals have ashed over, add wood chunks. Do not shut firebox lid until the smoke is clean, often called Blue Smoke.
Close firebox lid. Adjust the firebox air vent and smokestack damper to regulate cooking temperature. The ideal smoking temperature is 275°F.
Place steak on smoker for approximately 2 hours or until internal temperature reaches 145℉ (medium rare), turning halfway through cooking time.
Allow steak to rest approximately 5 minutes. Slice against the grain of the steak.
Kitchen tip: To make slicing easier, slice along bone and then horizontally against the grain.