I'd say that looks pretty normal if anything it could be lean but I'm leaning to normal. If it were black soot you would be running rich and if oily up you be burning oil. Your spark plug would really be a better indicator as far as air fuel mix goes. If it's white like that you are too lean. If it's brown your good to go.
Here is a shot of mine with the valves out for a comparison. This is the exhaust and it was burning oil.
Sent from my iPad using Tapatalk