2. get investors (a well may be owned by the company, but there are also investors involved)
3. drill
4. get to the refinery.
I used to work for an oil company in NE TX - over 20 years ago. We could have oil to the refinery within a year - if it was a good hole, and not a dry one. You still had a lot invested, regardless. Depending on the depth needed, it could run over a million easy.
We also had a local refinery at the time. Now it has been shut down - thanks to the enviros and their regulations.