It'll be interesting to find out. Doesn't look like valve covers (I see no oil above--doesn't mean it isn't there--have you run your finger above?).
No likely from below, oil generally doesn't move up the side of an engine that much.
Valve guide is certainly possible even though you don't notice smoke...doesn't mean you aren't burning any--could just be a small amount and if it's coming from the exhaust valve guide, you wouldn't necessarily be burning it...right? It's not going into cylinder as much as it would be pushed into your exhaust.
No likely from below, oil generally doesn't move up the side of an engine that much.
Valve guide is certainly possible even though you don't notice smoke...doesn't mean you aren't burning any--could just be a small amount and if it's coming from the exhaust valve guide, you wouldn't necessarily be burning it...right? It's not going into cylinder as much as it would be pushed into your exhaust.