Nectria Canker

This appears to be canker, aka nectria canker, although with any disease it’s impossible to say for sure without culturing in a lab. The orange that you see are the “fruiting bodies” of the fungus. Canker can occasionally kill trees but often just weakens them. The split in the bottom of this tree is further sign of a tree-in-jeopardy. If this plant is growing near your house or in another location where if it fell in a storm it would do damage you should have it looked at by a certified arborist asap and possibly removed. On the other hand, if this plant isn’t where it would do damage if it fell there’s no reason not to leave it as long as it’s looking good. Once a tree has canker to this extent there is no cure, but some trees can live with the fungus for several years.