What is this problem.??? Is this tree going to die.???

Yes, the middle is dead already! Could this be by lightning? Are there generally thunderstorms in your area? Feed the tree, nourishment comes first! But with this damage you will have diverse fungus and insects working on the wood already...

Could be the effect of last year drought. No snow, less rain. No proper chilling temp. Although trees are old, mid 80's n early 90's.

No effect of drought on new , young trees. Old one's effected... May be, this could be the victim.

Well, the branches going off to the sides are very thick-thus they take away the power for the middle... It was poorly saturated by this and more endangered to the infection through diseases. It seems to be some bacterial or fungus working on the wood ... In Germany we see this effect plus black open wood surface through "Diplodia mutila", which is a parasite of weakness by drought... But to keep it simple: the old trees tend to get a combination of many things, as a result of weakness. If you don't observe these effects on other trees nearby, cut off the dead wood and nourish the tree for it's last years coming up...

Plant the next tree as follower close to this one, depending on your available space...