The energy of interaction between the atoms changes with distance between the nucleii. There is an optimal distance for the chemical bond which is where this energy is at a minimum. The minimum energy with respect to the energy of dissociated fragments (r -> infinity) is called the bond energy.
The above picture is for the case of the Hydrogen molecule, but each particular
chemical bond has its' own equilibrium distance and its' own bond dissociation energy.
The bond lengths of the halogen molecules are used to determine an approximate radius
for chemical (covalent) bonding of the halogen atoms. Perfect electron sharing is expected
between atoms of the same type, so the bond in this case is perfectly covalent.
Why do atoms for covalent bonds? two major factors:
Now combine atoms together to form molecules by pairing electrons without changing the total number of electrons. Make an 'octet' around each atom in this way (except Hydrogen which can only support 2 valence electrons and heavy elements which can support 'super-octets' due to unfilled d- and f- orbitals). Replace all bonding pairs with a single line (non-bonded pairs of electrons or lone pairs are left as two dots). If more than one pair of electrons is shared between a given pair of atoms, a multiple bond has formed. Draw a solid line for each pair of bonding electrons in the multiple bond. Try to pair all the electrons in the structure (this is not possible if the number of valence electrons is odd).
Triumphs of Lewis dot structure:

The hypothetical state of a molecule after all its bonds are broken can be used as a 'reference', just like we used the standard states of the elements as a reference for the Enthalpies of Formation of molecules. Thus the energetics of a chemical transformation can be estimated from the bonds broken and formed in the reaction
A specific example can be made from our old familiar combustion of methane
reaction. We calculated the enthaly change during this transformation before from
trditional thermochemcial methods. We can do this agian by using the average bond
enthalpies of C-H, C=O, {O=O}, and O-H bonds
So, the Heat of Formation of new molecule, or the Heat of Reactions of a given transformation can be estimated by using average bond energies and the above thermochemical analysis. This is not as accurate as using directly measured heats of formation (which is not an approximation!) but is sometimes very useful as a starting guess.
PJ Brucat // University of Florida