Abstract: A downhole safety valve and method of operating a safety valve are provided. In general, the safety valve includes a housing having an interior fluid flow passage therethrough and at least one circulating port in the housing for providing fluid communication between the interior fluid flow passage and the exterior of the housing. A piston is operatively positioned within the housing for movement between a first position and a second position in response to a fluid pressure differential between the interior fluid flow passage and the exterior of the housing. A slip is operatively connected to the piston, whereby over a first range of the movement of the piston the slip moves with the piston, and over a second range of the movement of the piston the slip does not move with the piston. A first valve is positioned within the housing for opening and closing the interior fluid flow passage of the housing, and a second valve is positioned within the housing for opening and closing the circulating port.