Into a large skillet over medium-high heat, add the butter and olive oil. When the butter is melted, add the shallot and olives. Cook for 2 minutes, stirring frequently until the shallot is softened. Add the garlic and continue cooking for an additional 30 seconds.
Remove from heat then stir in the parsley, lemon juice, and ground black pepper. Set aside.
Cook the pasta according to package directions for al dente consistency, reserving 1 cup of the cooking water. Drain the cooked pasta and immediately return it to the hot cooking pot. Add the reserved pasta cooking water.
Pour the olive mixture over the pasta and toss to coat. Adjust seasoning to taste.
Sprinkle with parmesan cheese, remaining 2 tablespoons parsley, and lemon zest. Serve hot.