E34 burning a lot of oil

[X-Runner]

I have a 94 BMW E34 530i. Has about 160,000 or so miles on the engine. Oil usage seems excessive to me. Car gets driven about 300-500 miles a week on average and uses 1-2 quarts of oil per week. Car still gets 21 MPG and does not smoke, ever. No oil leaks at all. Car is dry.

Some more info that might be useful, it has fouled the catalytic converters 4 times now. Check engine light comes until the car warms up or you rev slightly off idle, then comes back on at idle until fully warmed up. Haven't checked codes this time yet. I will post them tomorrow.

[X-Runner]

Car has code 1243 (crank sensor) once and code 1244 (cam sensor) over 10 times.