Why does oxygen form two covalent bonds? 1) Oxygen has 6 valence electrons and needs 8 electrons to achieve a stable octet configuration. 2) Oxygen has a high electronegativity, allowing it to attract and share electrons with other atoms. 3) Oxygen has a small atomic size, making it easier for other atoms to bond with it. 4) Oxygen has a high ionization energy, making it more likely to form covalent bonds.