My 98 3.0 Ranger still has all the factory o2 sensors, never been replaced once.
I've had the same code one time, cleared it and it never came back. Truck was in my Ford dealer in January for difficult starting, they ran analysis on it, they never said one word about replacing the 19 year old o2 sensors. It has 152,000 miles on it, and the C.E. light has been off all year, first time in a long time that has happened.
Used to get the lean codes a lot, ended up being plugged injectors with insufficient flow, also contributed to the starting issue. Been running 10% ethanol all year, no more starting difficulties and no more lean codes. No codes of any kind.
I used to have to use 91 octane or better, or the truck would ping horribly. Since starting with the ethanol fuel, I am able to now run 87 octane without one single ping occurring. I fought the starting issue for years. Tried all kinds of injector cleaner stuff. Sometimes it helped, as in Berryman's B-12. But ethanol fuel is cheaper than any of the canned stuff, and there is more of it in a tank, like about two gallons compared to 15 ounces.
Anyway, I see the C.E. light during start up, so I know it still works. And I scan my computer at least once a week, looking for hidden codes (PD codes). Totally clean ever since I started using the E10 fuel. And it starts so darn quick, I'm still not used to it starting this fast. Turn the key, and blam it's running. Hasn't done that since 2007. Always required multiple hits of the key to start, sometimes to the point the battery was dead and needed to be jumped.