UPDATE 1-Marathon Oil profit up 11 pct as production rises

Nov 6 (Reuters) - Marathon Oil Corp on Tuesday reported an 11 percent increase in quarterly profit as oil and gas production rose.

Profit in the third quarter was $450 million, or 63 cents per share, compared with $405 million, or 57 cents per share, in the same quarter a year earlier.

Excluding one-time items, profit was 64 cents per share, matching analysts' average estimate, according to Thomson Reuters I/B/E/S.

Marathon's total production available for sale, excluding Libya, was 438,000 barrels oil equivalent (boe) per day during the quarter, up from 386,000 a year earlier.