The area was once a part of the El Rancho Sausal Redondo ("The Clump of the Willows"). The most common story of how the city received its current name is that it became the site of the second ("el segundo") Standard Oil refinery on the West Coast in 1911. Many large aerospace companies have facilities in El Segundo, including Boeing, Raytheon, Lockheed Martin, Northrop Grumman and The Aerospace Corporation, which is headquartered there.