High oil consuption

[Beamernewbie]

Okay so I've already searched the forums looking for a explanation and now I'm totally baffled. I have a 2006 X5 3.0 with 104,000 mi. We bought it with 97,000 miles on it. We are going through a qt of oil every 1,000 miles. No visible leaks and sometimes a little smoke from the exhaust when you put your foot in it but very little. The engine runs like a banshee!! plenty of power and no idle issues. So I see where BMW will say that this consumption is well in specs????? I've never owned a vehicle where this is normal. I know on american vehicles we used to see PVC valves go bad and the engine sucks the oil out and burns it but this is very noticeable. I don't mind adding a qt every 1,000 mi. but I worry the warning quits and we run it dry just cause we don't think about it. Any suggestions would be greatly appreciated. Thanks in advance.