Pretty much all production for the next few years is hedged with a combination of puts & swaps. Proceeds will cover the distribution for the next three to four years. Distributable cash generated will exceed the distribution by about 1.1 to 1 in 2008.
A cut in the distribution anytime in the next several years is a very, very low risk event. Maybe if there was some huge natural disaster in the mid continent. Or maybe if a substantial portion of the counterparties to their hedges aren't able to honor the agreement AND commodity prices plummet...at the same time.
As was the case with Citigroup, a falling share price in many cases portends a quickly vanishing payout. That said, most stocks become victims of a bear market regardless of a company's individual strength. There's an unlikely series of events, both specific to LINE and macroeconimic in nature that could result in an unsustainable dividend. You should be aware of that. There's great information on this board about this company's operations that you should read. Some of it is not so easy to understand for casual market followers, but it will help you to understand what you are putting your money into.