7.3 no power as well as lots of white and black smoke

[AC700]

I have a 03' 7.3 with 120,000 miles on it. I was pulling a 24' snowmobile trailer loaded back from Wiscousin. The truck was running great. I was running around 70mph. I came to this hill and about half way up I lost power. The truck would not go past 55mph. as i got to the gas station, the truck began to smoke. I assumed my turbo let go. I pulled off my air filter and the tube going to the air filter was full of oil, but none of the vanes on the turbo seemed to be damager and it was not locked up. With the truck running, i pulled the oil cap and had a lot of compression coming out...almost like a steam engine train. Could my problem still be a turbo issue? Like a bad oil seal? or do I have bigger problem like a hole in a piston?

thanks