Cook penne pasta according to package instructions. Near the end of the cooking time, carefully scoop out 1 cup of pasta water. Set reserved water aside, then you can drain the pasta like usual. Set cooked, drained pasta aside.
While the pasta cooks, make the sauce: Heat oil in a large skillet over medium-low heat and add chopped shallot. Stir to coat and cook 3-5 minutes, stirring regularly, until softened and golden.
Deglaze the skillet with a splash of the chicken broth, stirring to release any browned bits from the bottom of the pan.
Add the tomato paste, dried basil, dried oregano, and red pepper flakes to the skillet. Slowly stir ingredients together for 4-5 minutes, until smooth and thick.
Stir the remaining chicken broth, heavy cream, salt, and pepper into the skillet. Taste and adjust seasonings to your liking.
Add cooked, drained penne pasta to the skillet, along with the butter, grated cheese, and 1/4 cup (just 1/4!!) of the reserved pasta water. Stir pasta into the sauce, which should start to thin out from the pasta water. If you want the sauce a little thinner, stir in another 1/4 cup of reserved pasta water. I used a total 1/2 cup of pasta water in my version, FYI. Discard whatever remaining pasta water you don't use.
When sauce has reached your desired thickness, remove skillet from heat. Serve Creamy Tomato Pasta immediately and garnish with chopped parsley and extra cheese if desired.