Is it a diesel? Is it coming out of the muffler or slobbering out around the exhaust manifold? Been piddling around without getting it up to operating temperature?
 
it is a diesel,its kind of slobbering out the manifold , but it gets to the top of the muffler and runs down it to. actually had it out yesterday grinding feed and it was doing it.
 
Time to make certain the stat is working and is at least a 180F or 195F version.
Could be one or more injectors getting tired.Once upon a time somebody here had a source for all new injectors for the price of rebuilds.
Is the crankcase ventilation unobstructed?
 
I once had a similar problem on my 4010 diesel. Turned out to be a broken rocker arm. Listen to exhaust sound to see if it sounds normal, could be possible to hear a miss. After I decided to rebuild and I took the hood off I found a push rod through the top of the valve cover.
 
I have this same problem on my 3020 diesel side console. Started a few hours after the engine was rebuilt a few months ago. I bought it with a fresh engine so I can't say if it did that before overhauling. There is very black oil leaking from where the exhaust manifold meets the head. I thought it was unburned diesel and a manifold that needed resurfacing. It seems to be fairly even from all cylinders, but could it be engine oil? It uses a little. Thanks, Devin
 
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