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I am looking at a 2002 Z06. Around 60,000 miles. Here is a pic of the exhaust. It looks like oil. Is this something that need more research or is it normal.
Honestly it could be a great number of things. My car does that all the time. It sits in my cool garage then it starts warming up. Creates some condensation and some water drips it. I wouldn't be to concerned with it.
It could be condensation . Did you touch it? Did it feel oily?
It's hard to say what that is from just a picture. You need to get a feel and try see if you can determine what it is. I would think for that much oil pass thru the cats there would have to one tremendous oiling problem in the engine.
Probably just condensation and no problem, but ya gotta feel it. Its hard to believe that much oil could pass the cats without totally gumming them up.
Maybe get a picture of the concrete under the rear of the car and see if there are puddles of oil under the car. That much oil would have to leak out onto the surface where the car is parked. Just a thought.