Add the butter and oil to a 12- to 14-inch saute pan set over high heat. Salt and pepper the scallops. Once the fat begins to smoke, gently add the scallops, making sure they are not touching each other. Sear the scallops until they have a 1/4-inch golden crust on each side while still being translucent in the center, 1 1/2 minutes on each side. Serve immediately.