A tubular housing having an inner tubular member forms an inner passageway inside of the inner member and an outer passageway between the inner member and the housing. SAFETY VALVES The housing has valve openings leading from the outer passageway to the exterior of the housing and a tubular valve closure member telescopically moves on the interior of the housing. First means move the valve closure member in an upper direction for closing the openings and at least one actuating piston is telescopically movable within and has its longitudinal axis in the wall of the housing and engages the valve closure member. API Cast Steel ValvesThe piston is in communication with a hydraulic passageway adapted to extend to the well surface for actuating the closure member in a direction to open the valve openings. The closure member is positioned whereby upward flow through the outer passageway acts on the closure member to close the valve opening. At least one lockout piston telescopically moves within the housing and is actuated from the surface and is engageable with holding means in the housing for providing a hydraulic lockout for the valve.Butterfly Valves Shear means may be provided between the lockout piston and the housing for controlling the hydraulic lockout. A single seal is provided between the closure member and the housing and is positioned below the opening and exposed to the pressure on both sides when the valve is opened. Preferably the actuating pistons are connected to the valve closure member but the hydraulic lockout pistons engage but are unconnected to the valve closure member.

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