Circulating valve and associated system and method

A circulating valve assembly for use in a subterranean well, the circulating valve assembly comprising:

• a housing assembly having a longitudinally compressed configuration and a longitudinally elongated configuration;
• a flow passage extending longitudinally through the housing assembly;
• an operator valve that selectively blocks flow between first and second sections of the flow passage;
• a bypass valve that selectively blocks flow between the flow passage first section and an exterior of the circulating valve assembly;
• a closure member having a first end configured to engage a seat of the operator valve and a second end configured to engage a seat of the bypass valve, in which the closure member is positioned longitudinally between the seat of the bypass valve and the seat of the operator valve;
• and
• at least one biasing device configured to bias the closure member toward the bypass valve seat in the compressed configuration of the housing assembly, and to bias the closure member toward the operator valve seat in the elongated configuration of the housing assembly.

A circulating valve assembly for use in a subterranean well, the circulating valve assembly comprising:

• a housing assembly having a longitudinally compressed configuration and a longitudinally elongated configuration;
• a flow passage extending longitudinally through the housing assembly;
• an operator valve that selectively blocks flow between first and second sections of the flow passage;
• and
• a bypass valve that selectively blocks flow between the flow passage first section and an exterior of the circulating valve assembly,
• in which the bypass valve is closed in the compressed configuration, and the operator valve is open in the compressed configuration.