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(Corrects to say one-time gain was from sale of assets, not tax gain, in headline and first paragraph.)

Nov 5 (Reuters) - U.S. oil and natural gas producer Occidental Petroleum Corp on Monday reported a surge in quarterly profit, helped by a one-time gain from the sale of some of its assets.

The Houston-based company's net income rose to $1.87 billion, or $2.44 per share, in the third quarter ended Sept. 30, from $190 million, or 25 cents per share, a year earlier.

The company benefited from an after-tax gain on the sale of midstream assets of about $700 million in the latest quarter.

Production rose to 681,000 barrels of oil equivalent per day (boe/d) from 600,000 boe/d. (Reporting by Shanti S Nair in Bengaluru; editing by Maju Samuel)