Is my Jeep on its last leg? There is oil coming out of the exhaust pipe...........?

I started my car in the garage and noticed drops of oil on the cement floor beneath the tail pipe. It looks like burnt oil anyway. It is very black. I reved the engine and looked on the floor again and there was definitely a black sooty substance all over that was mixed with water. Is this normal? Its a 1995 Jeep Cherokee with 210,000 miles. Also, I've noticed its about 3/4 quart low on oil after having an oil change about a month ago. The Jeep seems to be running great...it's not making any weird noises and I don't notice a burning oil smell or anything. Could it be the pistons rings or head gasket? Any advice is appreciated....thanks!