My 1994 Corolla wagon lost power at 65 mph and blew an incredible smoke/vapor cloud like a smoke screen. Within a mile it completely stopped. I checked the oil and it was empty. It was full when I started out and drove less than 5 miles.
I had it towed back home and checked the compression in the cylinders. Number 2 cylinder had zero compression--the rest had normal compression. The piston in No. 2 was moving up and down as I checked with a wooden stick. What could have happened?

If you broke the #2 intake valve (there's two) or flattened it's lobes on the cam, or just burned a hole in the piston, or killed it's ring set, the piston would begin to suck oil from the crankcase.

There are also other reasons too, but you need to give more info to narrow them down.