Brush the steaks on both sides with the oil. Combine the salt and fennel, and then rub evenly onto both sides of each steak. Let the steaks stand at room temperature for 1 hour before grilling.
Soak the wood chips in water for at least 30 minutes.
In a small, heavy saucepan combine the wine, vinegar, and shallot. Bring to a simmer over medium-low heat on the stove and simmer until reduced to about 2 tablespoons. Remove from the heat and let stand at room temperature until 5 minutes before serving. (This may be done up to 2 hours in advance.)
Fill a chimney starter one-third full with charcoal (about 30 briquettes), and ignite. When covered with gray ash, dump the coals on one side of the charcoal grate, put the cooking grate in place, and preheat for 10 minutes. The temperature of the grill should be about 300°F. Drain and add one handful of the wood chips to the charcoal. Grill the steaks over indirect low heat, with the lid closed, until the interior temperature reaches 110° to 115°F, 25 to 35 minutes.
While the steaks are cooking over indirect heat, light a full chimney starter filled with briquettes on a heatproof surface away from the grill. When the coals are very hot, transfer the steaks to a plate, remove the cooking grate, and dump the hot coals over the remaining coals. Replace the cooking grate and lid and preheat the grate for 5 minutes. Drain and add the remaining wood chips to the charcoal. Grill the steaks over direct high heat, with the lid closed, until the interior temperature reaches about 130°F, about 4 minutes, turning once. Remove from the grill, season with pepper, and let rest for 5 minutes.
Meanwhile, return the saucepan with the wine mixture over medium-low heat on the stove or over direct heat on the cooking grate; cook until steaming. Remove from the heat and whisk in one cube of the cold butter. Whisk the butter constantly until the mixture is emulsified, and then begin to slowly add the remaining cubes of butter until the mixture is pale and smooth. Swirl in the chives. Serve the red wine butter over the warm steaks.
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