Volvo heavy oil smoke

I recently installed a rebuilt B5254T engine in my 1998 Volvo V70 AWD Cross Country. When I start the car, heavy oil smoke at idle which gets heavier with throttle occurs. There is also heavy oil residue in the intake and exhaust manifolds. Compression is 130 psi in every cylinder. I replaced valve stem seals, new head gaskets, and gaskets throughout. There is no oil in the inner cooler lines. I'm at a loss to what is causing this.