Oil on spark plug with white smoke and black reside out of exhaust but with plenty of power what is wrong?

VTC (cam sensor) requires to be changed and your valve (rocker) cover seals plus the seals that are located around the spark plugs in the rocker cover.

White smoke coming out of the exhaust is a symptom of a blown head gasket. You need to have this repaired ASAP. In the mean time stop driving this vehicle or you will destroy this engine if the head gaske is blown. Sounds like you have more than one problem.