Sometimes the error code doesn't mean exactly what it says... So just because the oxygen sensor reading is outside the adjustment range of the fuel/air mixture, doesn't necessarily mean the oxygen sensor is bad.
I recently had an O2 sensor error on an old Toyota Camry, and the problem was that the rubber vacuum line to the MAP sensor had a crack in it. So replacing a $0.10 piece of tubing fixed that problem. (After I had already replaced the oxygen sensor, of course...)
The O2 sensor error usually means the computer can't adjust the mixture enough to make the O2 sensor produce the expected output. So if it's not the O2 sensor, the check other things that also affect the mixture. (Vacuum leaks, pressure sensors, flow sensors, etc.)
Good hunting...