A well tool with combined actuation of multiple valves. A well tool includes at least two valves and an actuator which actuates each of the valves, one valve being positioned longitudinally between the other valve and the actuator, and the other valve being operable in response to displacement of an operating device by the actuator. Another well tool includes a valve with a closure which displaces when the valve is operated, a volume of a chamber which increases and a volume of another chamber which decreases when the closure displaces, and a pressure differential between the chambers being substantially zero when the closure displaces. Another well tool includes at least two valve closures which are the only displaceable components of the well tool exposed to a first internal flow passage portion when one closure prevents fluid communication between the first and a second internal flow passage portions.