A heat pump refrigeration circuit for heating a space, cooling a space, heating a liquid, heating a space and heating a liquid or for cooling a space and heating a liquid in which indoor and outdoor heat exchangers, a liquid heat exchanger and liquid supply means, compressor, conduit and valve means are provided. The liquid heat exchanger is disposed in the hot vapor line, and liquid is circulated therethrough when liquid heating is required. The liquid heat exchanger may be used as a desuperheater or as a condenser, and the indoor and outdoor heat exchangers may be used as condensers or evaporators, depending upon the path of refrigerant flow, as determined by the valve positions. Bypassed heat exchangers are vented to compressor suction for maintaining refrigerant charge control.