Step 1At least an hour before cooking, unwrap the flank steak. Liberally season with salt and pepper on both sides. Rub it lightly with oil. Wrap it in plastic wrap and return it to the refrigerator.
Step 2Place the wood chips in a bowl, cover with water and soak at least 30 minutes. Light a fire and when it is medium-hot (when you can hold your hand at grill level to a count of three), add the wood chips. Let them flame up and die down.
Step 3Over the hottest part of the flame, sear the flank steak on one side, about 3 minutes, then turn and sear on the other, another 3 minutes. Move the steak to a slightly cooler part of the grill and cook another 3 minutes on each side, to medium-rare. Remove to a platter and let stand about 5 minutes.
Step 4Carve the flank steak on a deep bias, laying your knife almost flat against the cutting board to get the thinnest, widest cuts.