1994 Mercury Marquis

When I first start my car it gives off fumes and I see white smoke. After a while of jus sitting I start to see water dripping for the tail pipes. When I press the gas I see alot of smoke coming from the tail pipes. I have recently notice after I park I have seen what appears to be oil in the spot of the car. Car runs smoothly no noises or ticking recently had flow masters installed. I was wonder if the problem could come from a leak in to the pipes.